Real Estate

Coronavirus impact on Real Estate

  • Last Updated:
  • Oct 26th, 2020 7:52 am
Deal Fanatic
Oct 7, 2007
7461 posts
3567 upvotes
rodrickrod wrote: Very, very few people base anything on science. Most people are politically driven, married to an ideology, and don't really have a clue about the scientific principles; they couldn't read a scientific paper if their life depended on it; and they really just use the word "science" to feel good about themselves and to bash others while behaving in a very unscientific manner. There is a lot of junk research these days in any area that is politicized and there are prominent people being called "scientists" who go around spreading their political views. It is all very corrupted.
So true. I have never heard the word "science" overused for political reasons as is the case now, by the people who know the least but claim to know the most. Unfortunately, our academic institutions are no longer what they once were and this all makes much of what we are being told subject to much scrutiny. People need to look at the source and follow the money as part of their scrutiny before accepting anything being passed off as "science", especially from the so-many "science" experts that have suddenly emerged from the woodwork.
Jr. Member
Sep 13, 2007
148 posts
183 upvotes
toronto
If someone is reading the last few posts on this thread, they wouldn't know this was about coronavirus and its impact on RE!
Newbie
Aug 13, 2020
31 posts
31 upvotes
als98 wrote: If someone is reading the last few posts on this thread, they wouldn't know this was about coronavirus and its impact on RE!
How is the update from the ground for mid-September?
Deal Expert
User avatar
Apr 21, 2004
54013 posts
18962 upvotes
mazerbeaner wrote: Canada has 500 cases a day.

France with less than double the population has 10,000 a day. Crazy.
Likely because there are more French who like to dine out compared to Canadians, who are more multi-cultural.

CDC says restaurants make people more prone to contracting the virus. It's kind obvious devoid of mask, recirculating air, and more less risk-aversed people dining indoor that enclosed areas are going to be hotterbeds for the virus.
Last edited by alanbrenton on Sep 16th, 2020 2:40 pm, edited 1 time in total.
Deal Fanatic
Feb 9, 2009
9338 posts
6952 upvotes
Us fed just came out and said they will continue to buy treasuries... so low rates for the foreseeable future
Jr. Member
Sep 13, 2007
148 posts
183 upvotes
toronto
DealFind25 wrote: How is the update from the ground for mid-September?
Things are going well still. Precons are still attracting lot of attention and freeholds seem to be moving faster than the speed of light (ok, that was an exaggeration but you get the drift).

With rates staying low for few years, a lot of money sitting on the sidelines will find its way into RE and capital markets. Condos in the core present a great opportunity for those wanting to go long. Once fear of covid subsides, condos and rents will get moving higher again.
Deal Addict
User avatar
Dec 13, 2016
3477 posts
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In Thailand everyone is required to get into a 14 day Quarantine when entering the country. Flights are still banned for many.

About 5-10% arrive with a Virus.

None have any symptoms whatsoever.

I am joining the conspiracy camp....
Sorry
Deal Fanatic
User avatar
Sep 14, 2006
8587 posts
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Let's reel it in now and keep it on topic which is how COVID-19 is affecting the RE market. I stopped responding to rodrickrod because we aren't going to change each other's beliefs. It's a dead end if we continue that route.

So basically COVID-19 seems to be hurting condos the most and detached are hot like hotline bling? With a second wave possibly coming, anyone see the same trend continue in RE?
TEAM CANADA!!!!!!!!!!!
Deal Addict
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Nov 5, 2018
1426 posts
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Toronto
bobbings wrote: Let's reel it in now and keep it on topic which is how COVID-19 is affecting the RE market. I stopped responding to rodrickrod because we aren't going to change each other's beliefs. It's a dead end if we continue that route.

So basically COVID-19 seems to be hurting condos the most and detached are hot like hotline bling? With a second wave possibly coming, anyone see the same trend continue in RE?
I see the trend continuing for the next 6-8 months.
I do not need approval, I do not need friends. I do what I want.
Deal Fanatic
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Sep 14, 2006
8587 posts
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CondoMan98 wrote: I see the trend continuing for the next 6-8 months.
Is Toronto C1 really the worst spot to be hit for condo owners? 10% drop on average? So if my condo was expecting $600K back in July, I am pretty much looking for $540K?
TEAM CANADA!!!!!!!!!!!
Deal Guru
Feb 29, 2008
12236 posts
7352 upvotes
bobbings wrote: Is Toronto C1 really the worst spot to be hit for condo owners? 10% drop on average? So if my condo was expecting $600K back in July, I am pretty much looking for $540K?
No. It really depends on the unit. I will say the mediocre units are Moving vey slowly . The good ones not so much. Remember pre COVID anything was selling no matter how crappy it looked. That just isn’t the case anymore. Good units priced correctly are selling. Sellers have to be realistic. I wouldn’t say 10% drop across the board but depends from which point you’re calculating. From peak?

I don’t care what the price is, when buying a condo you have to consider location, layout, view, etc. All very important because when poop hits the fan, the crap units will be the hardest hit.

It is still temporary softening. We are already starting to see an adjustment to the virus. People are and will adjust to the new reality.
Member
May 19, 2008
202 posts
65 upvotes
Three of Canada’s six biggest banks said Tuesday they expect most borrowers who took advantage of pandemic-related deferral programs to resume payments, countering fears of a sharp increase in impaired loans.
https://ca.finance.yahoo.com/news/canad ... 59573.html

I wonder if this is due to the CERB payments and whether impairments will increase once there are less government support payments?

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