How COVID-19 is Impacting the Mississauga Real Estate Market
The COVID-19 pandemic has, without a doubt, hit the economy really bad. The effect of the virus on the economy is as bad as the threat it poses to human life. With no certainty as to when the virus will be gone for good, what is guaranteed is a global recession. Businesses around the world are trying to prevent from hitting rock bottom because of the economic fallout. The case of the real estate sector is no different. The pandemic has left the public pushing their real estate purchase decisions to the distant future. After-effects of the same haven’t spared even the booming Mississauga real estate market. Analysis of the reports released by the Toronto Regional Real Estate Board (TRREB) clearly shows that the virus has made the real estate sales to drop drastically in Mississauga.
Even though the year seemed like a really good one for the red-hot Mississauga real estate market, in the beginning, the unexpected virus outbreak has brought everything to a halt; even life itself. The much needed social distancing and lockdowns have left all the businesses at high risk. With only survival as the top priority, people have given up on their plans to buy, sell or rent properties. Many of the real estate agents say that almost all their clients have held back from their hunt for properties starting right from the second week of March. Part of the reason for this is the health concerns regarding the pandemic while some others are hoping for a drop in prices in the future due to the virus outbreak. This is precisely what caused the sales to go down by 67% this April, as compared to April of 2019. The Condo rentals have gone down by 54-57% as declared by TRREB. While the sales are going down, we can’t say the same for prices as a decline in the same is not in sight as of now. Already listed Condos from $300 are still aiming to sell high. The sky-high prices of these luxurious condos don’t seem to drop as expected. And if the prices do drop, they are not expected to boost back up until next year.
With the economy trying to climb back up and businesses reopening, the real estate market is sure to bounce back as well. One of the major catalysts to this is the population in these regions which is sure to prevent the property markets from sinking. Places like Square One or the City Center is a much-preferred spot in the heart of Mississauga. What makes it so special is the region has it’s very own downtown with a well-developed urban skyline, sophisticated office towers and upscale condos which makes it the ideal place to live if one was to look for luxury and convenience. Hence the Condos near Square One mall Mississauga is expected to remain high in demand. Once the severity of the spreading pandemic subsides, people are expected to resume their searches with the hope of drop in prices, thus helping the market to recover from the blow and climb back up.
If you were to look on the bright side, things might seem a bit positive for buyers who wanted to get their hands on a property for so long but had brought a halt to the decision until an expected price drop. Much of the neighbourhoods in Toronto are witnessing a 10% drop in their condo prices recently, which means good news for potential buyers. As quite a number of sellers are now under pressure to sell off their properties, the interest rates have gone down considerably. Hence, people who are looking to buy can now easily get into a lucrative market. Stay alert to know if a property similar to your dream home gets listed and get a hold of it the instant it becomes available. You should also be sure of where you’re investing your money and trust. We’d advise buyers to seek assistance from an experienced and authentic real estate agents. You can either look for a specialist in your neighbourhood or contact a specialist from TOmycity.com for more information.