Well, COVID-19.
That’s really all one has to say to begin this discussion. For a while I wondered if I should call this blog, “Real Estate Predictions from the End of the World.” And finally I settled on the importance of saying something, rather than nothing at all.
Truthfully, I don’t know where to begin. As a planet we have never experienced something like this, and I know, for certain, at once COVID-19 is laid to rest, we will be forever changed.
To those who are struggling with illnesses, loneliness and all the other challenges that this Virus has manifested, I want you know that this too will pass. What I have seen over this past few weeks is a Nation of people who have come together in the wake of something massive and scary. I am grateful to all those doing their part by staying indoors, and to those who are doing their best to maintain social distance. I am grateful to the frontline workers, the essential workers and their families for the sacrifices they are making for us all at this time.
Despite the memes that have un-endlessly circulated, I really do feel like we are ironically more connected, now that we are trying to stay far apart. We are knit together as a planet, interdependent in ways we didn’t realize, and even COVID-19 cannot take away our humanity, and the need for compassion for one another.
As life moves on and we remain cautiously indoors, I wanted to take some time to explain my perspectives on how all of this is going to shake down for our Real Estate market on Vancouver Island. Obviously, transactions have slowed over this past month. Until the state of emergency is lifted both Provincially and Nationally, I don’t believe we will see the same level of market activity as we usually see in the Spring on Vancouver Island. Nevertheless, homes are still being listed and in some cases clients are still buying and selling properties on Vancouver Island.
So while we wait for things to settle, I do feel like it’s prudent to be prepared for when quarantines are over. If being a Islander since birth has taught me anything, it is how much the Island community relies on each other. I expect to see a frenzy of activity, Real Estate and otherwise, once the Corona Virus subsides, and I take solace in our markets relative attractiveness to Vancouver and the rest of the country.
I have been thinking of social media campaign strategies that will not only support my clients but our Island community as whole. Fact is, the more we can support local businesses, the greater chance we have of having a healthy local economy when all this is over. So, I am going to be bringing to you information on Island owned business that you might consider for your essential needs.
The Bank of Canada has reduced rates further, and the Federal Government has stepped up for CMHC ; “As a result of additional authorities granted by the Minister of Finance, the government stands ready to purchase up to $150 billion of insured mortgage pools through CMHC, an increase of $100 billion from the $50 billion announced on March 16, 2020. This action will expand the stable funding available to banks and mortgage lenders in order to ensure continued lending to Canadian consumers and businesses.”
I have been fortunate to still support my clients via private showings digitally, and I’d like to think my newly perfected wave is just as good as a handshake. As we ride this wave together, I wanted to share with you my thoughts, and extend my support to you again, for a showing, or a listing, or a chat – I’m always here: (250) 951-1141.
Take care of yourselves,
Andrew.