Back to blog

Key Trends in Canadian Real Estate Amid the Coronavirus  

Key Trends in Canadian Real Estate Amid the Coronavirus  

Without a doubt COVID-19, a.k.a. the coronavirus, has impacted the real estate market. Many people are switching to working, shopping, and living at home more often. Nevertheless, there are still plenty of Kelowna real estate news stories to follow and Canadian trends to watch. 

In fact, there have been several main trends that have popped up over the last few weeks that are changing the way real estate business is done. 

Apartment homes for sale

Kelowna Real Estate News: It’s a Good Time to Buy 

In a bit of good news, if you can afford to buy a home it’s definitely the time to do so. Interest rates are the lowest they’ve been in a long time and it’s not just in Canada.  

Banks all over the world are slashing their rates helping home buyers to get better mortgage rates and less expensive mortgage payments. It’s also more financially possible to borrow more and purchase a more luxurious home now. 

If you’re ready to buy a home, this Kelowna real estate news couldn’t come at a better time. 

Technology Is Being Used Much More Frequently 

Online listings have been only getting more and more detailed with technological advances. Recently, there’s been more investment in providing as much information about a location as possible. People are able to get just about every piece of info online from the comfort of their home through thoroughly detailed listings. 

For instance, in-depth floor plans, panoramic property views, and video tours have risen in their use. They allow for a clear picture (sometimes literally) of the location without ever stepping foot inside.  

Another key tool on the rise is the use of 360° virtual video tours. Unlike regular video tours that are essentially a short clip of the place, these video tours allow to virtually look around within the video player itself for a more immersive experience. The best ones are easy to navigate, interactive, and simple to control.  

Because open houses aren’t in-line with social distancing measures, 360° virtual video tours are a popular alternative real estate agents are turning to. 

With more people watching their screens more often in isolation, expect buyers and sellers to be watching for these tech additions and for online listings to be fleshed out more.   

Couple buying new home from laptop

Switching Out Paper for PDFs 

Not only is the switch to digital becoming more popular for listings, but real estate documentation in general. Real estate agents are utilizing more online tools like switching to e-signatures and PDF’s for buyers or sellers to fill out.  

This benefits many people because of the wealth of apps and tools available to use not only on desktop but also mobile devices. These documents can also be securely encrypted and provide an audit trail to ensure they remain safe and provide an easy way to check which documents were signed and when 

Consulting Over Video Chat 

Although face-to-face encounters are limited to a minimum with COVID-19, video conferencing and video chats are becoming a popular alternative.  

Plenty of free apps including Facebook offer video chat functionality, and while there’s still no true substitute for seeing someone in person, they are often much more effective than phone callsExpect to see their use within the industry increase dramatically.  

We’ll likely continue to see the industry change as more updates surrounding current events unfold, but the real estate industry is still moving forward. Clearly, the wealth of online tools available for this process has been made much easier. Expect to see further innovations in buying and selling real estate onlinin the future. 



Need assistance getting your Okanagan home sold? Contact us today!