t’s been a challenging time for many Canadians, as we work together to beat the coronavirus pandemic in our communities. Remember: we’re all in this together! While health and safety parameters such as social distancing have affected the economy, real estate continues to be an essential service.

Depending on your financial situation and the government’s interventions to bolster the economy, first-time homebuyers may be encouraged to set their sights on ownership. While there has been a dip in activity, with fewer home sale transactions in March across major Canadian markets, there are opportunities to explore.

In response to the pandemic, real estate agents are leveraging technology such as 360 or 3D virtual tours and e-signatures, and remote closing to facilitate transactions. So, if you’re a first-time homebuyer hoping to make a home purchase, now may be a good time to dip your feet into the market.

Here are a few ways that first-time buyers may benefit from purchasing a home now:

Bank of Canada Slashes Interest Rates

The Bank of Canada has made several interest rate changes over the past few months in response to the coronavirus outbreak. The government made the decision with the purpose of softening the blow of the pandemic to the economy. Real estate is one of Canada’s largest economic sectors, and the lowered interest rate may encourage more Canadians to purchase a home.

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