Buying A Condo In Toronto Amid The Pandemic – Here’s What You Need To Know

Buying A Condo In Toronto Amid The Pandemic – Here’s What You Need To Know

The COVID – 19 pandemics has profoundly affected how we live, how we interact, how we socialize, how we work, and pretty much everything else in between. In the first days of the pandemic, entire markets and industries started crashing. As a result, many jobs were lost, and a lot of companies went out of business.

However, the housing market in Canada, even though it took a massive hit, managed, and still manages to stay afloat. Despite the pandemic, companies such as Condo Mapper continued to help their clients by moving all of their operations online. Online meetings, phone calls, and video chat apps became the new reality, and that’s how they kept their business afloat. That’s how every real estate agent, buyer, and developer got through the most difficult days of the pandemic.

Far from the fact that the pandemic has been eradicated, but perspectives are not as gloomy and challenging as during March and April. Many of the operations are still completed online and will be the preferred method for some time. Getting done things online is not something new or revolutionary for most people. So, no issues in that department.

However, many potential buyers wonder about the other implications on the condo market that came from the current pandemic. How has the pandemic changed the housing industry, and what that means for them?

Things That Remained The Same

What didn’t change was how things were done, and all the procedures that come with buying a condo. The only real difference is that whatever was possible, was moved online. But just because many operations are moved online, it doesn’t mean you don’t need to deal with administration and paperwork. Every piece of paper and document you need it before the pandemic, you need it now also, just that you can get it and forward it in electronic form.

Based on the Growth Plan for the Greater Golden Horseshoe, almost 900,000 new homes will need to be built in the next two decades, and developers are on board with that. Numerous projects are on the way and even more in their plans. Each year, almost 100,000 people are moving in Toronto and its greater area. That trend was almost put to a halt due to the pandemic. But with or without a COVID-19 vaccine, people are ready to continue with their lives without any major restrictions. Health protocols, social distancing, and wearing masks, might be the new normal, but the economy and everything else is ready to get in full speed.

Things That Changed

As mentioned earlier, the pandemic changed a lot of aspects of how we do things. In terms of buying a condo, a lot of procedures are now completed online.

Real estate agents are closely familiar with all the online procedures, and when needed, they guide their clients through all that. Both banks and government institutions are on board with that and contribute greatly to the new way of investing in real estate.

The real estate market, especially the condo market, which is a big part of it, is way smaller than it was in 2019, but it remains stable. The demand matches the current output, and condo prices seem stable. Almost every relevant institution and agency doesn’t predict any significant price drop in 2020. In this regard, it is a property market that is smaller in size (that’s different), but at the same time, it feels right as it matches the current demand.

What’s also very different are the mortgage rates that are at their lowest points. They are projected to remain low until the country manages to get out of the current recession. So, if you are looking for financing, you can expect a pretty sweet deal on your next mortgage.

Additionally, if you are a first-time homebuyer, you can take advantage of the incentives that are at your disposal.

In Conclusion

If you plan to buy a condo, this is, by all means, a good time to do so. Financially speaking, you are much better at borrowing money today than before the epidemic. So, if you got a good job, maybe even some savings, this might be an opportunity to buy a new condo at an excellent rate.