Navigating new realities in the Real Estate market

The recent COVID- 19 pandemic had such a significant impact on the real estate market and industry that real estate agents are being forced to adapt to new ways of doing business and will continue to impact how we buy and sell a house .
George Grant, who has been a realtor going on four decades has seen a lot of up and down in the industry. He describes Covid as ushering in “a perfect storm situation” for both buys and sellers, saying the demand for homes was high during the pandemic but there was not enough inventory and that led to massive overpricing of homes.
Grant says while sellers profited from it, for buyers it was a because they were forced to overpay at prices never seen before.
Also, he pointed to the impact the new market dynamic had on real estate agents, saying it had a devastating impact on many but some were able to adapted and thrive.
Pam Dass another well recognized and well-established real estate agent in our community can testify on how ‘insane the real estate market had become during the pandemic.’
She talked about the massive downturn that resulted in less inventory that led to a drastic drop in sales and the bottom line. She says with little money coming in, she had to make some major financial adjustments that impacted both her business and personal spending.
Looking back, Dass says adjusting was difficult. Everything from finding inventory to the challenges of working from home…. “I needed my office to be on office mode.”
Another of our long-standing agents Mark Anthony Bentley recognized the changing dynamic tried to adjust quickly to stay relevant and in tune with the changes.
He says, “Quebec real estate market has seen a dramatic shift in the last two years. This shift is due to a combination of factors, including the impacts of the health crisis, the Bank of Canada’s announcement of the interest rates hike and the unsustainable price increases in the single- family property category.”
Adding that “prices soared, resulting essentially from a historically high level of overbidding, fueled by low financing rates and this created affordability challenges especially for young households which of course was bad for business.”
“The realities of real estate in Quebec is the knowledge of how to adapt and invest in a still strong market,” Bentley states. “Quebec real estate market was one of forced normalization as the interest-rate hike helped to prevent the housing bubble from forming in the greater Montreal area region and in turn helped to absorb the potential return of prices to more sustainable levels. With that being said, 2023 despite the increase in rates and decreases in listed prices. The market is still strong it’s a matter of adjusting. “
Looking forward, one of the adjustment that Bentley is making to combat the uncertainties in the market is partnering with another agent, Robert Seaton and setting up a website, YOURCOMMUNITYREALTORS.CA , which he hopes will help buyers, sellers and renters in the community, maximizes their opportunities in today’s market.
George Grant also has his eyes set on the future and has some advice for the community when it comes to navigating the real estate market.
He says, buying a house should not be primarily for investment but rather a home when one buys a house, they need to turn it into a home.
He added the fact that it is an investment is an added advantage because no matter how much you pay initially, price of a house becomes low in the long term.
For sellers he advises: “Do not be put off by recent prices this is still a good time to buy a house. People overbuy by buying to show off a house beyond their means because it can be stressful because you are stretching yourself. Get on the boat you can get on now. Sellers should be careful not to end up homeless as the same market you putting your house in is the same market you are going into.”
Grant says also that those downsizing are lucky if they end up keeping the equity of their home.
If selling for a bigger home, moving further away from the city would be idea. To top it all up, he warns “make sure your next move is the right move and avoid making a crucial mistake”.
To those considering a career in real estate, Grant says it’s a good career choice as it brings a sense of satisfaction, one gets skills in business in legalities and you gain more confidence to go into other fields, it is a life education and with every client one can learn something.
Pam Dass says a future in real estate continues beckon. But after the setbacks due to Covid, her focus is now on “getting back my momentum, and get back to where I was pre-pandemic.”