Kenora’s housing market is hot

Home buyers in Kenora have seen a sharp rise in property prices, and for local real estate agents, the COVID-19 pandemic has been good for business.

“It’s been very, very busy,” says Angela Kuchma, the broker-owner of Remax Northwest Realty.

“We haven’t had any real downtime, which is not normal. Usually our winter months are a little slower, but this year it has been pretty consistent which is great,” said Kuchma.

The COVID-19 pandemic is responsible for the downturn in Canada’s economy, but the housing market has not seen the impact that COVID-19 is likely to have.

“With COVID-19, our housing market is still very strong. It’s probably one of the busiest and strongest years in a long time, ”explains Kuchma.

As a result of the COVID-19 pandemic, Canadian banks are cutting interest rates to as low as 1.75 percent, allowing many to enter the housing market.

“I think the low interest rates have allowed more people to get into the market,” added Kuchman.

Prices in Kenora have skyrocketed over the past year, and the introduction of a new bidding system in Ontario has resulted in a hot housing market.

The new system allows buyers to set a “bid by” date when all bids must be in place and agents cannot disclose what other buyers are willing to pay.

“I think there are many reasons why it’s not bad. The [old bidding] System has been around for a long time and it’s definitely something the salespeople are asking for, ”says Kuchma.

Starting June 1, a new homebuyer mortgage stress test has been added that could make it a little harder for buyers to get a mortgage. The hope is that the new stress test will cool Canada’s hot real estate market.