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So how does everything effect the real estate market?
The B.C. government’s 2020-2021 budget envisioned about $1.6 billion in revenue from the property transfer tax, and the real estate sector, which employs tens of thousands of people, is worth more than $22 billion annually to the province’s GDP, according to the industry non-profit, the Urban Development Institute.
The impact of the coronavirus outbreak on the housing market of British Columbia remains uncertain, but analysis of possible scenarios paints a need for a lower qualifying rate for home loans for prices to recover in general, however, Kamloops pricing seems to be holding strong. According to the British Columbia Real Estate Association (BCREA), the COVID-19 outbreak is occurring at a time in which the province's housing markets are recovering from a two-year slowdown. This recovery is supported by the growth in home prices due to the lack of supply of homes. However, taking into consideration the impact of the COVID-19 on the economy, the turnout in the next coming months could remain muted.
In this type of environment, buyers are nervous about going out to look at homes and potentially put themselves at risk and sellers may not want strangers in their home. To adapt to this, Kamloops Property For Sale offers virtual tours and new strategic choices on how to present homes.
The likelihood of a surge in listings while we’re practicing social distancing and others are in self-isolation is slim but sales are still happening. Call me to receive a current statistical report on your area. (250).319.5896
If I were a buyer, I would be cautious too. Don't underestimate COVID-19's negative impacts on the economy, jobs and buyers' sentiment and avoid overstretching your budget — something that tends to happen when buying in a seller's market.
My advice to sellers who need to move or want to downsize, is to remember that momentum is on your side as there is limited inventory right now. Sellers of quality homes are still getting top dollar. The demand is currently high with Buyer's Agents holding a list of people looking for specific properties.
I still think housing in B.C. is a great long-term investment. Of course, every person's situation is unique, and I am happy to discuss how your needs are affected both positively and negatively at this time. I look forward to your call.