If there was ever a validation of the cliché “Necessity is the mother of invention,” it is happening right now with response to the pandemic. In the interest of safety, the new home and condominium real estate industry offers opportunities to shop and purchase without interacting in person. And it is working – we are still selling new condos through Baker Real Estate Incorporated. The new-home real estate industry is finding ways to keep this massive economic engine fuelled.
Electronic means of communicating have saved the day. We are having electronic meetings with co-brokers and clients, doing virtual presentations and conducting remote deals via our associate brokers. Everything is being done by appointment only, and of course, virtually. Those who have set up DocuSign abilities can finalize their clients’ purchases without setting foot in the presentation centre or meeting face to face. We can also see that mortgage brokerages and other institutions for new construction sales are busy, as we are getting approvals coming in.
Another wonderful thing about this age of electronics is being able to shop and compare online. A real boon to the industry is the Internet for showcasing condominium projects, with virtual tours of model suites, complete floorplans, lists of features and finishes, etc. If you are in the market for a new condo, you can even browse new condominium sites while relaxing in your pyjamas in the middle of the night, helping to make self-isolation interesting and productive. For an example of how much information you can gain online, you can visit our Baker Real Estate website at www.baker-re.com.
And as necessity demands more invention, developers and agents across the board are coming up with even more ways to serve new condo buyers as best we can. The thing is, there are a lot of potential purchasers out there shopping, and many are buying. The market is surprisingly vibrant, which is a terrific sign that our economy can weather this temporary pandemic setback.
Of course, you still have sales agents to rely on through phone, text and email. We are happy to answer your questions and guide you through the purchase process. We encourage you to explore all that our condo developers have to offer, and to inquire about anything that you find confusing.
There are also numerous websites with information that can help you zero in on the right purchase decision for you. For example, CMHC offers a Condominium Buyer’s Guide at https://bit.ly/3bSelbd. This helpful guide includes what questions you should be asking before you sign on the dotted line, and who to contact. Remember that buying a condo is different from a low-rise home, so even if you are a seasoned low-rise purchaser, you would benefit from knowing the condominium ins and outs.
I often say that the best time to buy a condo is NOW, and I say it again. Pandemic aside, a new condominium is a great way to enjoy a carefree lifestyle and/or a lucrative addition to your financial portfolio. So, keep calm and condo on!
Barbara Lawlor is president and CEO of Baker Real Estate Incorporated, an Honoree at the 2019 BISNOW Toronto Power Women Commercial Real Estate Leaders event, a panelist at the Key Media International Conference in 2018 and winner of the pinnacle 2017 Riley Brethour Award from BILD, among other accolades. She is also an in-demand columnist and speaker who is respected for her impactful industry voice. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in Canada in the GTA, Vancouver, Calgary and Montreal, and internationally in Beijing. Keep current with The Baker Blog at blog.bakerrealestate.com