Experts have indicated Canada will need to build millions more homes in the next 10 years to meet our growing needs. To the casual observer the problem is easy to solve: just build more homes. For those in the real estate development field, the problem is much more complicated than this.
Unsurprisingly, there has been a decline in the number of Canadians searching for homes on a leading real estate portal in the past month.
Point2 Homes has seen a 38% decrease in searches on its website on March 23, compared to March 5. This decrease has accelerated since the World Health Organization declared the COVID-19 coronavirus outbreak as a pandemic.
Bloomberg has reported that there were also fewer searches on Google for terms such as “homes for sale” and “houses for sale” in recent weeks.
Depending on where you are in the home buying process, here are some helpful tips to help you continue searching for a home while also protecting yourself and others: https://t.co/tAeGEKybjh — Point2 Homes (@p2homes) March 25, 2020
Depending on where you are in the home buying process, here are some helpful tips to help you continue searching for a home while also protecting yourself and others: https://t.co/tAeGEKybjh
US market slower The US has also seen a downturn in home listing viewings and searches and two major online services, Zillow and Redfin, have ceased their homebuying operations for now. Meanwhile, a survey of real estate attorneys in the US has found that 47% have already seen negative effects on their business as result of the virus outbreak with 95% expecting an extended impact over the next six months.
While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
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