Nick Davis, 30, and his wife Sarah, 26, decided based on photos alone to put an offer in on a three-bedroom Shawnessy house in March.
They were competing against five other offers.
“That was the deciding factor,” Nick said.
Realtors and buyers tell stories of show home lineups stretching down the block, of houses selling within hours of being listed, of frenzied bidding wars, unconditional offers and emotion-filled pleas.
“There are lots of letters being written.
But what no one could have predicted is that 14 months later, with unemployment still hovering close to 10 per cent and a third wave of COVID-19 cases wreaking havoc, home sales would be smashing records.
With 4,670 new listings coming onto the market in April and factoring in the number of sales, there is a less than two-month supply on the market.
Across Canada, the national average home selling price soared 31.6 per cent year-over-year in March, hitting a new high as sales also climbed to a new all-time record, according to the Canadian Real Estate Association.
However, some of the other reasons behind the housing frenzy are directly related to COVID-19.
In addition, while the pandemic has certainly caused job loss and economic difficulties for some, many others have actually saved money this year.
going back and forth with our realtor, pulling out our hair, wondering if we were going to get this one,” Grayham said.
They’ll view a home and then they’ll have maybe two hours to make a half-million-dollar decision.
Vanderveen said mortgage brokers in the city are working flat out to keep pace with demand, with the result being it can take buyers longer than normal to get financing in place.
Das, the economics professor, said for the immediate future what is happening in the market now will likely continue.
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