COVID-19 has not yet affected the trucking industry. You can easily find a trucking company to ship your goods. Similarly, the corona virus has not seriously affected the Canadian housing market or commercial real estate. However, both industries are facing a great deal of uncertainty in the coming days because of the global impact of the outbreak.
According to Sotheby’s, International Realty real estate agent Paul Maranger, Air Canada has recently cancelled direct flights between Toronto and other Asian countries which means that foreign buyers are not travelling to Canada to look at properties. It is common for property buyers to refrain from real estate decisions during times of volatility.
Compared to counties like China, Italy, South Korea and Iran, Canada has been relatively unscathed by COVID 19. It is expected that the situation will stabilize by May when the flu season is over. Maranger remains optimistic that increased demand will be experienced by the housing market particularly since Canada has a great international reputation.
On the other hand, Christian Vermast, Sotheby’s agent, expects that the commercial aspect of the real estate market will be hit hard and fast. People are avoiding social gatherings and large groups. Businesses like restaurants and retailers may postpone their plans of expansion until next year. Residential real estate property decisions are more emotional while commercial property decisions are based on investment decisions.
While it is still premature to conclude about the effects of COVID-19 on Canada’s real estate market, it has been observed that commercial real estate market is slower moving than the stock market. However, the first quarter of the year is usually the weakest for commercial real estate so that making conclusions must be done carefully.
Since interest rates have been recently lowered, it could support consumer activity that can create increased momentum for Canada’s residential real estate sector.
Meanwhile, if you are trying to find a trucking company to ship your goods, make sure that you choose wisely. To save your precious time and money, look for the seasoned experts that can provide the right solutions for your needs with professional expertise at a competitive rate.