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In October this year, the Canadian housing market saw the largest rise in property transactions since the start of the pandemic boom. The original surge in sales which created one of the world’s hottest real estate markets, began as buyers sought out larger homes from a quickly diminishing supply. As the criteria used by buyers to choose their next home was changed by the pandemic, so too was the way in which they bought and sold properties. Navigating a complex and competitive real estate market can be overwhelming, and yet restrictions and time constraints have left many people without the help and support they might have normally received. Sellers have had less access to the knowledge and experience of agents, while buyers have bought without inspecting or even viewing a property in order to quickly secure their next home in an aggressive market.

Technology to Help Buyers and Sellers Without Agents

With an increasing number of online portals, selling a home privately without the use of a real estate agent has become more popular over the last few years. Social restrictions imposed by the pandemic have caused this trend to grow more, as it has been harder to arrange face to face appointments and property viewings. While private house sales can save homeowners a considerable amount of money in fees and commission, they are not without risk. Selling a home can be complicated especially in today’s busy market where a homeowner might receive several different offers from potential buyers. For buyers, organising multiple viewings in a competitive market can help them to record, rate and compare property details. The use of innovative technology creates a more accessible marketplace and can help both buyers and sellers to negotiate a successful sale.

Appreciating The Risks of Buying Without Inspections

The booming housing market has had a detrimental effect on home inspectors as more buyers skipped surveys in order to avoid potential delays in acquiring a property. They have lost a considerable amount of work and, this year alone, around one in three new inspectors who applied to become members of the Canadian Association of Home and Property Inspectors have left the profession. While inspectors have been hit hard, the buyers who went without home surveys or even without physically viewing a property are now also running into difficulties. In Ontario, only roughly one in 20 properties is inspected at any time either before or after a sale. An increasing number of buyers who purchased a property without conditions and without any form of home inspection are now having to take legal action to resolve issues with the building that only became apparent after they moved in.

The property market can be difficult to navigate especially during a housing boom. Being able to sell a home privately has opened up the market but isn’t without risks. With the use of new digital technology combined with well organised in-person viewings and inspections, the risks of buying and selling can be minimised.

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