Some buyers plan to be big fish in a smaller pool of competition

by Steve Randall19 Mar 2020

With disruption to the Canadian real estate market due to the coronavirus crisis, some buyers are seeing an opportunity.

An expected slowdown in activity means less competition for those still keen to buy, although for sellers it may mean some tough tactics being deployed by buyers.

“Some of those buyers are seeing the slowdown as a way to compete without too many people,” John Pasalis, president of Realosophy Realty, told Bloomberg.

Some big deals are still going ahead; a Vancouver mansion selling for $150K over asking price; a $2m sale in Montreal based on a virtual home tour; a $2.3m sale for a Vancouver home, that still attracted 85 people to an open house at the weekend despite virus fears.

While open houses and other typical aspects of the home selling process are being disrupted, it appears that there are still buyers taking the long-term view and completing deals.

Royal LePage broker Adil Dinani told Bloomberg that he is still doing 90% of the deals expected and hopes that lower mortgage rates will continue to fuel activity.

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