Talk to An Expert: About Residential Real Estate Trends with Marta Elorza

MUNERA speaks with expert Marta Elorza about Real Estate market trends in and around the GTA

Interview by By Munera Lawyers

1. Tell us a bit about yourself and your practice.

I have been working with Re/max Crossroads Realty Inc. for the last 11 years assisting clients in Toronto and the GTA. I am a trusted, dedicated, and well-trained professional who knows the residential market and cares about my clients individualized real estate needs. I am passionate about my job and I believe that nothing brings more joy than excellent results and top-quality service. 

2. What sort of trends and challenges have you noticed in families searching for homes since the pandemic began?

Families are spending more time on their computers searching for properties. One of the biggest challenges at the moment is the uncertainty with regards to the market value and price of a home. This is the time for buyers to realize their home purchasing power and freeze their spending habits. Buyers should also look for communities with a good school district, as those areas can build better value over time.

We are being forced to change our lifestyles and revaluate our values and needs. This is the time to work together and show understanding. It is very important to listen and communicate with compassion and empathy, and we will overcome these challenges.

3. Have you noticed significant changes with respect to your client’s home wish lists?

Families “wants and haves” have certainly changed. Families are looking for a larger home with more space and access to outdoor areas such as gardens, terraces, parks and natural trails. Also, properties with swimming pools are a must these days!

4. What are the most important tools that buyers should be using right now?

Relying on your real estate agent is crucial when facing unknown times. Agents supporting our client’s best interests by giving them the right advice and guidance. That being said, we have had to make some adjustments with our methods of conducting business.  Fortunately, technology has become our best friend. Some buyers are touring homes via 3D Virtual Videos, inspections can be watched though FaceTime, and agents are hosting open houses on Facebook. Further, zoom meetings with lawyers and mortgages brokers are now the new normal. I recommend REALTOR. CA as it is a very reliable, truthful and up to date website where buyers can access listings from across Canada. 

5. What are some areas to watch for increasing property values? 

Regions such as Durham and Peel have fired up despite Covid-19. Several bungalows in Oshawa have received multiple offers, with some of them attracting up to 12 bids. In these areas, I have found that properties have sold over their asking price.

6. What are your thoughts on showing a home virtually?

With cases on the rise in Ontario again, the Toronto Regional Real Estate Board supports the provincial announcement to ban in-person real estate open houses in the Greater Toronto Area COVID-19 hot spots. Sellers can limit their visitors by scheduling appointments only to serious buyers that don’t have symptoms. Sellers can also limit appointments to those who are pre-qualified for financing or have already listed or sold their property.  I think we need to safeguard the well-being of our communities and rely on technology when possible. This means that buyers may need to rely more on virtual showings, videos, virtual floor plans, and reviewing MLS listings.

7. Have you seen a shift in what clients are willing to compromise on when searching for their homes?

Clients are willing to compromise on location such as foregoing being walking distance to downtown, close to public transportation, and restaurants. Instead, clients are willing to travel further for more spacious and comfortable homes with greater privacy and larger backyards. As suburbs are less crowded than urban areas, the cost of living there is typically lower. This can be a good choice for this particular time.

8. Many people have anticipated a market crash with the second wave. However, August was one of the best months we have seen in a while for home sales. Why do you think that is? 

Canada is one of the world’s most politically stable countries and one with a large economy. The public health system is well developed, the rebound has been supported by very-low interest rates, and the real estate market in Toronto has recovered from the spring lockdowns. However, a second wave could affect the housing market at the end of this year and inventory and prices may readjust accordingly. 

9. What is the best time of year to sell your home? 

In the end, there will always be buyers and sellers. Therefore, it really comes down to assessing your needs, motivation, and what works best for you. Although there is generally more inventory during the spring, that does not mean that this is the only or best time to list your home. When selling, it is important to also take into consideration economic factors such as low interest.

10. What do you think about the supply of houses in the market right now? Does the supply meet demand?

I think the condo market is seeing more inventory and prices are a bit softer. However, the detached market has a low supply. 

11. What do you predict for market trends in the winter?

We are still experiencing a seller’s market, but it could cool down during the winter months. If that is the case, buyers can take advantage of low interest and try to buy at that period before the anticipated strong spring comes later in 2021.

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