To help you make sense of the current real estate market situation, Katia Samson, founder of real estate agency Groupe Immobilier Katia Samson, answers the most pertinent questions about buying and selling residential property in Montreal during the 2020 pandemic.
Q : Is it possible to buy or sell a property right now?
A: In order to comply with the new rules put forward by the government concerning quarantine and isolation during this period of the Coronavirus pandemic, Groupe Immobilier Katia Samson continues to carry out real estate transactions thanks to telecommuting and efficient technological means: teleconferencing, virtual visits, electronic signatures, as well as the invaluable collaboration of our mobile mortgage brokers and notaries who navigate, with us, through these new transaction methods.
Right now, we’re busy completing files on real estate transactions already in progress, but it’s not necessarily the ideal time to put your house up for sale or visit condos.
If you’ve already listed your property on the market, you can keep moving forward. Just expect a slowdown over the next few weeks during this “pause period”. We’re still receiving requests for viewings on our listings that we’ll be able to schedule after April 13 when viewing restrictions are lifted. We believe this period will weed out the curious and less serious buyers, so it’s to your advantage.
Q: I’m thinking of putting my property up for sale, but is it better to wait until the crisis passes?
A: Following government directives, the OACIQ (organisme d’autoréglementation du courtage immobilier du Québec) has asked real estate brokers and agents not to conduct visits and to restrict contact with customers until April 13. Properties put up for sale before this date will therefore not benefit from maximum exposure, which is not ideal for sellers who want to get the best price. But it is possible to prepare the documents for the upcoming sale.
This obligatory break in our lives is therefore the ideal time to prepare the house for the best price: take the time to clean thoroughly, get rid of superfluous items to free up space, do the necessary touch-up painting, fix those cupboard doors that don’t close properly, and so on.
Q: I was in the middle of looking for a new home, since I’m moving this summer. How can I find a new property in time?
A: If your situation is urgent, some properties may be available for viewing without the broker’s presence, and with great caution. In other cases, virtual visits are offered. It is still possible to make a remote purchase offer using electronic forms and signatures, conditional on a satisfactory visit after April 13, 2020.
We invite our customers to fill out this form if they wish to visit a property.
https://synbad.com/uploads/ckeditor/attachments/2107/form-questionnaire-sante-vcourtier-vang.pdf
Q: I’m worried about the virus in the property I’m moving to. Does the seller have a legal obligation to inform me of his condition?
A: According to the OACIQ, the seller’s state of health is not information that must be recorded on the seller’s declaration form for the immovable. According to the Canadian government, the coronavirus has a lifespan of 24 hours on paper and cardboard, up to three days on plastic, and six days in a humid environment. So, after a week, there should be no risk.
It is also possible for the buyer to request that the property be thoroughly cleaned and disinfected by professionals. The buyer may also choose to wait a few days following the sellers’ departure before moving in.
Q: The stock market and my investments have fluctuated wildly since the beginning of March. Will house prices fall?
A: It’s too early to tell. We believe it’s the lack of available properties that has pushed up prices. Everything will depend on the number of sellers after April 13. For the sake of comparison, following the 9/11 crisis there was no drop in real estate prices despite the fact that the stock market plummeted.
Q: I’ve seen a property I’ve been dreaming about and would like to visit, but since we have to isolate ourselves, what options can you offer me?
A: Ask your broker what the guidelines are for visits, and to work with you. This way, you’ll be informed if a promise to purchase is made. Even if we don’t have physical contact with our customers, some properties have procedures that allow visits. It’s up to you to decide whether you’re comfortable with this. If no visits are permitted before April 13, you still have the option of making a promise to purchase conditional on a satisfactory visit following this confinement period.