“The global economy has been hit hard by the covid-19 pandemic and continues to be affected; no nation has been spared. The pandemic brought rise to a lot of economic issues. In January 2022, the inflation rate was 5.2%.  This marks the first time since 1991 that it surpassed the 5% mark. 

Many marketing experts are suggesting that the housing market recovery will be felt very differently throughout the world. Many reports show that the rate of recovery is expected to vary throughout the major cities across Canada.  This will hold true throughout 2022, especially as interest rates keep rising. I do expect we will witness varying rates of growth and in certain cases declines across the country. The good news is that Canadian cities have experience transitioning to the work-from-home model, so their recovery will be less problematic than those whose transition was not as smooth.”

“I believe, upon reflection, that the covid pandemic illustrated how important the real estate market is to society. The market experienced tremendous sales despite a worldwide pandemic. This came as a result of low-interest rates, and yet, people were still willing to carry on with the buying or selling of their property regardless of the risk associated with doing so. Accommodation is one of the more important facets both individually and from a societal perspective and I think that was certainly demonstrated during this past pandemic.”

“The covid pandemic illustrated how important the real estate market is to society.”

“It’s changed many things, from the way we do showings, how paperwork is handled, and how keys are handed over when a deal closes. Altogether, they are likely for the best in my opinion. It’s also forced people to think outside the box and come up with new ways of handling these changes. Since Covid, I’ve had multiple clients purchase properties without ever seeing them in person prior to closing. Video walkthroughs and electronic signatures were the way to go.”

“Expectations. Managing expectations has been a wild ride. With the market going back to normal, buyers think that the prices are dropping significantly and expect an amazing deal, but sellers still think that they can get a ridiculous amount over asking. People often forget that we are not in 2021 anymore. The days of hundreds of thousands of dollars over asking are behind us. Properties that sold 7 months ago are no longer useful comparables. Managing sellers’ expectations have definitely been the biggest change that has resulted from the pandemic, as well as, the public’s perception of buying and selling real estate.”

“Managing sellers’ expectations have definitely been the biggest change that has resulted from the pandemic.”

“This is a loaded question. What it has shown is that a roof over your head is extremely important and the ability to work from home will now be more prominent as many companies look to keep this trend going.  This is also a primary reason why people bought or sold their homes throughout the pandemic. “

“The Pandemic has primarily affected where people want to live and what they now require in their primary residence. Buyers have been looking to move out of the city and into a bigger home with more land. Backyards and home offices have become a priority to many. As the workforce has shifted to “remote work”, people are spending more time at home and need more space. I do believe this change will be somewhat permanent for those who work from home. Buyers’ psychology has changed and the home has become much more than just a place to sleep and eat.”

“The home has become much more than just a place to sleep and eat.”

“The pandemic had both positive and negative effects.  For example, it forced people to emphasize the ability to work from home comfortability, this influenced both buyer and seller behaviour. Access to services was highly restricted (getting bankers, lawyers, inspectors, etc…), which complicated and prolonged completing transactions. It also affected marketing, such as showings, constraining open houses, sanitization requirements, etc. Nonetheless, the market seems to overcome all these challenges, and demand rocketed upwards in ways never seen previously.”

“The pandemic surprised everyone with a large volume of buyers and low-interest rates, which drove property values to an unprecedented level. This resulted in a lot of individuals feeling very skeptical about what the future holds, as many are expecting a big correction and potentially a bubble bursting.”