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Interest in real estate declining during pandemic

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Interest in real estate declining during pandemic

It seems that people are less inclined to look for a new home during these uncertain times.

According to a recent report, March has seen a declining interest in the number of people looking for a new home.

The report, from Point2 Homes found a decrease in the number of people searching for real estate throughout March which peaked at -32 per cent on March 16.

Additionally, due to priorities of Canadians shifting from their regular, day-to-day activities, to a focus on containing the spread of COVID-19, and avoiding contracting the virus, fewer people are concerned with buying a house right now.

This becomes clear when looking at the internet searches of Canadians—search terms such as “houses for sale,” “homes for sale,” and “condos for sale,” have decreased in popularity, while search terms such as “work from home,” “home office,” and “home workout” have all seen a spike in popularity.

“There will likely be a slowdown, yes, but we are expecting a pause, not a stop. As equities and bond markets have people selling, people will be looking for investments that are safer and real estate can be a part of that strategy,” Matt Honsberger, President of Royal LePage Atlantic, said in a news release.

“Interest rates will likely be lower (potentially an entire percentage point), which would hopefully stimulate some more confidence in buying real estate,” he continued.

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