Coronavirus grinds London, ON market to a halt

Coronavirus grinds London, ON market to a halt

Coronavirus grinds London, ON market to a halt

The London, ON housing market is not likely to get a chance to shine this year due to a major coronavirus-induced slowdown.

Blair Campbell, president of the London and St. Thomas Association of Realtors, said that the region’s real estate professionals are preparing themselves for the worst.

This is especially disheartening considering the market’s stellar performances during the first two months of the year: January saw 568 homes change hands, which was just two properties lower than the record-high for that month.

Meanwhile, February’s 740 transactions were the second highest volume for the month.

“I think we can say we’re anticipating a slow down,” Campbell told CBC. “The spring market, until a couple weeks ago, looked like it was going to be a full steam ahead situation and then COVID-19 happened.”

The COVID-19 pandemic has shattered all predictions, with no market left unscathed. A new poll by Point2 Homes has found that potential exposure to the virus is now the top consideration among Canada’s hopeful home owners.

Roughly 31% of respondents said that they will be buying homes within the next six months, while 26% will be doing so in the next year. Around 20% will begin looking only after the outbreak has passed.

Meanwhile, 24% stated that they are actively looking for cheaper homes amid the pandemic, and 48% said that they will be using online images and virtual tours instead to look at their desired homes.