Buying a Home in the Middle of COVID-19 Pandemic

Buying a Home in the Middle of COVID-19 Pandemic

If you had planned to purchase a home this spring, the COVID-19 situation might be putting that plan on hold as a lot of open houses and in-person home showings are being cancelled or postponed. As of March 21, 2020, the Toronto Real Estate Board (TREB) and Ontario Real Estate Board (ORB) strongly recommend the pause of “in-person open houses during the Ontario State of Emergency”. This is in adherence of the provincial government’s restrictions on public gatherings and guidance regarding social distancing, and to protect the health and safety of everyone (buyers, sellers, realtors, and the general public). So what can you do to make the most of this time, while maintaining social distance and waiting for the pandemic to pass?

1) Do your research

If you have not done so already, now is a good time to research the various factors that go into home buying decision:

  • What neighbourhood do you want to live in?
  • Does that neighbourhood have good amenities, schools, and public transportation or highway access? Is it close to work?
  • Do you want to buy resale or pre-construction?
  • What is your budget? How much can you put down as down payment?
  • What mortgage or funding options do you have?
  • How many bedrooms do you need?
  • What type of real estate property are you looking for (house, townhouse, detached, semi-detached, apartment, condominium, bungalow)?

Brewing Brokers has a lot of resources for you to conduct your research and planning. Check out our blog for articles on top schools in certain neighbourhoods, spotlights on the most livable and sought after communities in the GTA, characteristics of different neighbourhoods, and more. You can also browse our sales listings to get an idea of price ranges for the type of property that you’re looking for.

2) Contact a realtor or real estate agent

Contact us at Brewing Brokers to discuss your home buying needs and preferences. Our agents can provide insights into the neighbourhood, home types, and answer any questions that you might have.

3) Attend virtual home showings or virtual home tours

Some sellers might provide the option for virtual home tours or home showings through live video conference. If this option is available, it would be a good opportunity to see the inside of the property from the comfort of your home, while maintaining social distancing. These virtual home tours can usually be set up through a real estate broker or agent.

4) Get your finances in order

Gather the documents needed to apply for home financing: letter of employment that shows your current salary and tenure, recent pay stubs, credit score.

A lot of bank branches may be closed, but many Mortgage Advisors are still available for consultation via phone or video conference. With record-level low interest rates, this is a good time to secure a mortgage. You can go through the process of getting mortgage pre-approval, have the documents sent to you via email, and sign using electronic signature. This way, when the in-person gathering restrictions are lifted and in-person home showings start up again, you are ready to make an offer if you find a home that you like and want to purchase. Pre-approvals are usually good for 60, 90, or 120 days depending on the lender. Given the current COVID-19 situation, some lenders might be able to extend the pre-approval period, so you are able to lock in a certain mortgage type and interest rate until you are ready to buy.