CORONAVIRUS (Covid-19) and THE WINDSOR REAL ESTATE MARKET. March 24, 2020

CORONAVIRUS (Covid-19) and THE WINDSOR  REAL ESTATE MARKET.

March 24, 2020

Some facts we know:

• Properties are still being sold many with multiple offers and contracts are still being written in Windsor Essex. We have experienced “Pre-emptive offers and multiple offers on properties in the last week.
• There is still a low housing inventory in the Windsor Essex Area.
• Mortgage rates are lower than they have been in years and will probably move lower.
• The government is now more relaxed with the  “Stress Test” in Mortgaging.
• Canadian Mortgage and Housing Corporation is showing flexibility in their dealings with their insured mortgages.
• Both the Canadian and U.S. Governments are making major concessions and adding programs to stimulate the economy as a result of  Covid-19
• Our cross border work force to the US is mostly working from home but still working.
• Gas prices in Windsor ranged from 68.9 cents to 71.7 cents per liter, lowest in recent memory
• The Canadian Revenue Agency   has moved the Income Tax filing deadline from April 30th, 2020 till June 1st 2020.
• Deadlines to pay outstanding balances to the CRA are to be extended to July 31st, 2020.
• Your RRSP and investment portfolios could be down but there are some good buys now and to come especially when everything settles and the market rebounds.
• Digital listing and selling are easier as well as marketing and platforms exist to make that happen.
• Most offers are now being handled online and not face-to-face.