CoronaVirus Effects on Toronto Real Estate Market

Toronto Real Estate Market Sales are up 45.6%! Average Prices Up 16.7% amid CoronaVirus (COVID-19) fears! CoronaVirus impacts on the Toronto’s Real Estate Market, March 2020!

This is a thorough review about what’s going on in Toronto’s Real Estate Market! Here you read about the CoronaVirus (COVID-19) effect on Toronto’s real estate Market and how the corona virus will impact the market and capital markets! This report, in addition, includes forecasts and Supporting Data to our Past Forecasts. And also how the Market Meltdown would impact real estate in Toronto.
Toronto Housing Market Overview Amid CoronaVirus fears:

March 2020 has started with a total of 7,256 resale transactions reported through TREB’s MLS in Toronto’s real estate market. That was a historic 45.6% increase in the number of sales compared to last year similar time in Toronto’s real estate. On top of that the average home price in Greater Toronto Area (GTA) has been $910,290, which is OVER 16.7% price increase Year over Year in Toronto’s housing market!
CoronaVirus (COVID-19) impact on Toronto’s real estate Market:

Meanwhile CoronaVirus effect in the capital markets was heavy in February. Toronto Exchange Composite Index hit the highest 17,944 on February 20th, then dropped to a low 12,700 on March 12th, which is a HUGE 28% melt down in almost two weeks!!

On the other hand, the Toronto real estate market, was the strongest since 2017, amid all the COVID-19 pandemic panic. I, as a Toronto Real Estate Agent and investment analyst, have seen more investors entering the real estate market when the forecast of the stock market seems volatile to them. If you look at the REITS (Real Estate Investment Trusts) stocks, you’d see among the huge meltdown in all other sectors, the REITs are performing relatively better than other stocks ( less plunge we see in those stocks) . Especially residential REITs. The symbols that I recommend you to follow are : REI.UN ( RioCan REIT ) and CHP.UN ( Choice Properties REIT ) .

Real estate in GTA has been a safe long term investment for many. Speculators also have enjoyed the waves here and there, but one important thing to remember is that the buyers who drive the market are not all speculators. They are First buyers, Up sizers, or downsizers, who actually need a roof for living. Many of the buyers are actually end users, second comes the cash flow investors. Speculators are not a big part of the market here.

Is there a FOMO in real estate market?

As someone who works with buyers and sellers in Toronto’s real estate market, I’d say that the FOMO has returned to the market, and much more buyers are competing on the properties more than a couple months ago. Numbers also support that, number of sales increased by 45.6% and the number of active listings dropped by 33.6%, which puts even more pressure on the standing inventory. That being said, amid CoronaVirus fear, I forecast even higher price increases in Toronto’s housing market for the next month! That’s in the opposite direction that the stock market moves currently!
What will happen to the markets if the CoronaVirus (COVID-19) gets under control:

If the CoronaVirus gets under control in Canada, i.e, they find a cure for it, or somehow control it, the confidence will get back to the stock market. If we look at the lessons learned from SARS, we’d realize that the CoronaVirus will be controlled at some point, that’s when the markets, especially stock markets, would start rising again. In that case the money that flows to the stock sector would be a relief to the Real Estate Market. But again the FOMO might cause a minor bubble for the stocks as well. Which will eventually be corrected sooner or later after that.

But until that timeArticle Search, I think the real estate market in Toronto would be subject to higher price appreciation.

Protecting Our Economic Health Despite Corona

As I sit in our home in self-isolation, I ponder our country’s economic health over the next several months and beyond. Watching people mobilize to fight an invisible coronavirus is certainly inspirational. We all know that managing individual behavior will go a long way towards slowing down and eventually stopping the spread of this frightening pandemic.

Yet, why is it that canceling large events, not meeting in large groups, working from home and keeping six feet of separation between people enough? I fear that by shuttering businesses including restaurants, bars, malls, gyms. movie theaters, travel companies and more that we are headed to unprecedented economic difficulty.

At this moment, a couple of thousand people have died in the US, which is sad and painful especially for their families and loved ones. However, if we stay on this course of stopping business commerce, then hundreds of thousands of people will die from the dire economic consequences that may lie ahead.

When the unemployment rate rises one percent, nearly 40,000 deaths may follow according to Bluestone et all in The Causes and Consequences of Economic Dislocation, which is often summarized in economic textbooks and quoted in the popular movie, The Big Short. A further breakdown of the numbers include: 20,000 heart attacks, 920 suicides, and 650 homicides.

A three percent rise in unemployment could lead to well over 100,000 deaths, which significantly eclipses the several hundred coronavirus deaths that are directly connected to the pandemic. I believe this scenario shows we need to maintain social distancing practices, yet keep our retail businesses open. If certain individuals, such as seniors and those with pre-existing health conditions wish to self-isolate, then they can take the necessary steps.

The remaining 80% to 90% of the population need to learn accept and live with the risk of this pandemic to maintain our quality of life. We can alter our individual behavior, practice good hygiene, show compassion for those who become ill, mobilize financial and human resources to fight the pandemic and do so without grinding our business, personal, and consumer lives to a halt.

Compassion should also be extended to the small business owner, who has the working capital to operate for only a short period of time without modest sales. Their entire allocation of finances may be invested in the business including the ability to support their employees and family. In addition, they could be at an age where there is insufficient time to recover from a business or personal bankruptcy. Shouldn’t we accept a reasonable amount of risk to give this entrepreneur the opportunity to keep their business afloat?

Another over-looked aspect of this pandemic is the geographic unequal distribution of the virus. Four states, including New York, New Jersey, Washington, and California consist of 64% of the cases. Breaking it down further, most of the people with the illness in these states live in New York City, Seattle, and the CA Bay Area.

Although the virus has reached all 50 states, why should West Virginia with eight cases and South Dakota with 50 cases and one death suffer negative economic consequences when their case numbers are extremely small. West Virginia is already in a tough spot due to the loss of manufacturing and the coal industry in their state.

In today’s world, there is risk all around us with crime, car accidents, natural disasters and more. We do not stop living due to tragic circumstances that inevitably find their way into our lives. Instead, we confront the tragedy head on and know in our guts that we must always find a way to persevere. The ultimate risk is not taking one and right now we are on extremely risky ground.

Should You Stop Marketing During COVID-19?

As a small business owner you may be concerned about the impact of the coronavirus has on your business; your revenue, employees, and marketing funnel. Although you shouldn’t stop marketing during CONVID-19, there are many ways your marketing approach could go wrong. So here are three ways you can effectively market your small business during the coronavirus outbreak.

The Impact of Coronavirus on Small Business

As a human, I’m sure you’ve been affected by COVID-19 (also known as novel coronavirus) in some way.

Whether that means worrying about elderly parents, changing travel plans or stocking up on essentials to work from home for the foreseeable future, it’s hard to not feel the stress.

As a small business owner, you may be seeing fewer customers as people limit social interaction, change travel and leisure plans and focus on staying healthy rather than on shopping for products and services.

Unless you sell toilet paper or hand sanitizer, you may be concerned about the impact of the coronavirus on your small business; your revenue, employees, and empty marketing funnel.

So does that mean you should hunker down and stop your marketing efforts for the time being? No!

The World Health Organization has declared coronavirus a global pandemic, and it’s a very uncertain time. However, I’m a firm believer in focusing on what we can do and change while finding the opportunities amidst adversity.

Every challenge can be met with common sense, rational thought and even kindness. This is not the time for irrationality. I was watching a webinar the other day and someone said, “Worrying is like a rocking chair—it gives you something to do but it won’t get you anywhere!”

I know we are living in troubling times. The virus and how the global economy is responding to the preventative measures being placed is something that will go down in the history books.

But as business owners, there is one thing we do still have control over, and that’s the ability to be resilient and make choices that will get us through these times as best possible.

In this article, I’m sharing some ways you can address the challenge of marketing during a crisis and keep your business going.

Let’s start by looking at two of the wrong ways to approach marketing during a crisis right now:

1. Making a joke about coronavirus. A few weeks ago, it was common to see online memes and humorous marketing campaigns being shared. A Las Vegas jeweller even created a campaign to sell rings!

As more and more people around the world were affected by coronavirus, these slowed down a lot. Making light of the situation is not only in poor taste, but you’ll likely drive away a good chunk of your target audience.

2. Playing on people’s fears. It’s one thing to use a sense of urgency to sell your product or service, but it’s another thing entirely to use scare tactics.

For example, don’t scare people into buying a first aid kit with a message like “Only two left! Don’t risk your family’s health!” Rather, focus on the benefit of being proactive and prepared by stocking up on medical supplies.

Make sure the angle and tone of your marketing reflects your customer’s current concerns and pain points without capitalizing on their anxiety.

How to Effectively Market Your Small Business During the Coronavirus Outbreak

No matter what type of small business you have, your priority should be clearly communicating with your customers to put them at ease.

Think about what your clients need to hear from you, and how you want to position your business during this crisis.

Here are 3 ways to market your business during the coronavirus crisis:

1. Reassure everyone that you’re protecting their health. This is especially true if you have a brick-and-mortar location. This may mean sharing your extra sanitation practices, putting a hand sanitizer station at the front of your location or implementing a policy where all staff wear masks and gloves.

For example, WestJet shares their additional precautionary cleaning measures due to coronavirus on their website.

2. Be prepared to pivot. You need to be flexible to best serve your customers. That might mean instead of cancelling a customer conference, you change it to a virtual event.

If you are planning an upcoming workshop or event, pivot with your audience in mind. It’s possible you have already been forced to cancel or postponne, but don’t assume everyone wants the solution you’re providing.

Consider options such as making it a virtual version of the event or postponing your conference to a later date. Or some people may want ticket refunds.

Polls and questionnaires can be a great way to get honest feedback from your ticket holders before changing an event.

And of course, take a look at all of your contracts to ensure you’re covered before making any changes.

If you’re a service provider, create other ways to help your clients like this fitness trainer did. He offered them a way to stay fit that doesn’t involve being around a group of people in a gym.

3. Make your employees a priority too. Don’t focus all your efforts on marketing during this time. Your employees are what keep your business going, so how can you care for them?

Maybe you can give your staff the option of working 100% remotely while COVID-19 is a concern. Or, remind them you fully encourage them to stay home if they’re feeling sick.

The more you can put your employees at ease, the better they’ll be able to support your business and your customers.

What Small Business Owners Can Learn from Coronavirus

I know this is hard, and I hope you can hang in there and focus on the present, and on being of service to your clients and staff.

They’re afraid, and what you do or share can help alleviate those fears. Remember to be careful and intentional about what you’re saying.

If your small business is being adversely affected by coronavirus, it’s also a good time to reassess your business fundamentals, including how CONVID-19 is affecting your digital marketing. How will you deal with a crisis the next time it happens? Are there things you’d do differently to be more prepared or prevent losses?

Like everything else in life, this is a learning experience. Stay healthyFeature Articles, safe and positive.


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