How is COVID-19 affecting Real Estate? - March Market Update
Friday Apr 03rd, 2020
First and foremost, we hope you and your loved ones are all safe and healthy and holding up ok. If there's ever anything we can help you with, please know that we're always only a phone call away.
How is, or how will, COVID-19 affect the Real Estate Market? Our honest answer is, we don't know. We've seen various predictions in the past days, but it's too early to say. But the market will be affected, like everything else.
March numbers significantly up
If we look back at the last month, we still see very strong numbers. The average home price for Aurora in March was $1,016,330 - that's 19% higher on a year-over-year basis! Newmarket was up 9.4% (2020: $833,947 / 2019: $762,497) and the average price in East Gwillimbury increased by 13.3% (2020: $859,121 / 2019: $762,497).
66% less showings
It's interesting to compare the first two weeks of March to the second half of the month: While prices in Aurora remained stable, sales dropped 60%. Between March 1st and 15th, 53 homes sold in Aurora. Between March 16th-31st, only 35 sales were reported. Those numbers of decreasing sales in the 2nd half of March are similar throughout the GTA (Newmarket and East Gwillimbury are down 43%, Richmond Hill down 51%) . Showings on listings have dropped 66% after mid-March.
While it's not at all business as usual for all of us, we know that there are still people that need to buy or sell a home. We wanted to reassure you that we are here to help while taking every precaution to keep each other safe and healthy; from e-signatures to virtual tours to virtual home evaluations and walk-throughs.
Should you be interested in a FREE and No Obligation Virtual Market Evaluation of your home, please send us an email and we'll be more than happy to put a Comparative Market Analysis Package together for you!
We're sending you positive vibes to get through these challenging times. We are all in this together!
Also, here are a few links you might find helpful:
- From 75% Wage Subsidy to the Canada Emergency Response Benefit (CERB):
Guidelines for Employers and Employees on how the Government is stepping in to help.
- Lender Contact # Mortgage Deferral Program:
- 54 free Online Courses from the best US Universities (in case you're looking to learn something new during quarantine):
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