With the recent events, the status of real estate is still undetermined.
However, there are a couple of negative news regarding the industry as of today as people are having a hard time moving to a different home due to the quarantine guidelines and the panic caused by the COVID-19 pandemic.
As a result of this threat looming around the world, the sales for Toronto’s real estate dropped by more than 35% in this month, which is known as the biggest drop in sales so far.To add up the loss of sales, there are also more than 25% of listings that got canceled by clients since April, where the reason of most is due to lost jobs because of the pandemic.
Note that even workers in the real estate industry are also having a hard time keeping the business up as some of them cannot go to work or even have the means to process real estate transactions as well.
This has caused a huge question not just in real estate businesses, but also other financing services for home purposes such as the toronto mortgage broker companies.Huge Change In Prices Likely To HappenAs a result of this worrying matter, the prices for properties will soon likely to change drastically.
The illiquidity of the real estate market as of today due to unemployment, budgeting issues for clients, and restrictions in travelling to certain places can make a huge concession to the prices placed on existing properties for sale.
With the recent events, the status of real estate is still undetermined.
However, there are a couple of negative news regarding the industry as of today as people are having a hard time moving to a different home due to the quarantine guidelines and the panic caused by the COVID-19 pandemic.
As a result of this threat looming around the world, the sales for Toronto’s real estate dropped by more than 35% in this month, which is known as the biggest drop in sales so far.To add up the loss of sales, there are also more than 25% of listings that got canceled by clients since April, where the reason of most is due to lost jobs because of the pandemic.
Note that even workers in the real estate industry are also having a hard time keeping the business up as some of them cannot go to work or even have the means to process real estate transactions as well.
This has caused a huge question not just in real estate businesses, but also other financing services for home purposes such as the toronto mortgage broker companies.Huge Change In Prices Likely To HappenAs a result of this worrying matter, the prices for properties will soon likely to change drastically.
The illiquidity of the real estate market as of today due to unemployment, budgeting issues for clients, and restrictions in travelling to certain places can make a huge concession to the prices placed on existing properties for sale.