Well, this will be a departure from the usual market updates of the past. Nothing is normal at the moment as the world navigates its way through the COVID-19 pandemic.
Firstly, I hope that you are all well and staying healthy…mentally and physically. And that you are adhering to the guidelines laid out by the Provincial Health Officer, Bonnie Henry. They seem to be working but maintained vigilance is key! Bonnie has become a bit of a rock star with her level headed and calm demeanor as she delivers the daily reports. We are lucky to have her!
From a Real Estate perspective, last week Realtors were deemed an essential service and therefore we are still working but not in the usual manner. We are here to serve the needs of our clients and the public but it’s not business as usual…far from it. It is SAFETY FIRST.
Showings on listings are regulated. Many, if not all brokerages, have forms to be filled out by buyers asking their recent travel history and whether they have been sick in the last 14 days. As well, many buyers are asking the same of the sellers.
I know from personal experience and in speaking to other colleagues that activity is likely down to 20-30% of normal. Transactions are still occurring but volume is down significantly which is a complete change from the trajectory the market was on prior to COVID-19 arriving. I believe we were headed for a VERY busy spring where inventory was down and demand was increasing. It will be very interesting moving forward to see how the market reacts to everything and in particular how the economy recovers. Many people are under tremendous financial stress at the moment and the collective psyche may take some time to come back to normal…or the new normal moving forward.
My thoughts go out to all those affected directly by this virus from a health perspective and an economic one. If you can, please support local businesses and be respectful and helpful to those around you.
Of course, this situation can take its toll from a mental perspective as well. Anyone out there that is struggling please know that you can always contact me and twist my ear!
Currently, I have one listing at 3727 Nancy Hanks Rd for $869,999 near UVIC. It is a charming old character home with many updates over the years on a large and park-like 10,604 sqft. lot. There is some real subdivision potential to create an additional RS4 lot and my clients are currently investigating the options with Saanich. Please see the listing below as well as the full VREB April release with the stats package.
All the best to everyone and hope to see things back to “normal” as soon as possible.
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