REAL ESTATE & COVID-19 How will COVID-19 impact the real estate market in Canada? | MoneySenseFrom cooling down sales to changing how available homes are shown, this global pandemic will change Canadian real estate in the short- and long-term. To say the events of the past few months have had an unprecedented impact on how our society functions would be an understatement. Real estate in the time of COVID-19When CREW was putting together its most recent Property Forecast issue last fall, every economist we spoke to hinted at the potential for a recession in 2020. Trump-fuelled trade uncertainty would be the most likely culprit and the effects, while uncomfortable, would be minimal. OREA: End open houses during COVID-19 outbreakRealtors in Ontario should immediately stop holding open houses during the province’s state of emergency over COVID-19. That’s the call from the Ontario Real Estate Association (OREA), which issued a statement Saturday urging real estate professionals to use technology for home showings instead. Millions of Canadians already missing payments due to COVID-19We are still relatively early in the coronavirus crisis but already many people are missing payments. A new report from insolvency practitioners Bromwich+Smith with Leger Research has found that 49% of households in Ontario and Alberta, and more than half in British Columbians, have suffered an immediate income reduction since the crisis began. COVID-19 could spur a rash of consumer insolvencies in CanadaCanada’s insolvency rate will spike up should the ongoing coronavirus outbreak persist, according to Scott Terrio, manager of consumer insolvency at Hoyes, Michalos & Associates. In Ontario alone, consumer insolvencies swelled by 17.5% on a year-over-year basis last January. This came in the wake of a year that had the second-highest number of annual consumer insolvency filings ever in Canada. TRREB – Updated: Open Houses, Showings & COVID-19 Best PracticesIt is understandable that real estate open houses and showings are of concern to many, due to the uncertainty we’re faced in dealing with COVID-19. Ce que les courtiers et agents devraient savoir au sujet du COVID-19We understand you may have questions and concerns about doing business now that the outbreak of coronavirus COVID-19 is declared a pandemic by the World Health Organization. In response, the Canadian Real Estate Association (CREA) continues to take precautions in making sure its employees and members remain safe. What REALTORS® should know about COVID-19Editor’s Note: Since this post was published, efforts to help contain the spread of COVID-19 have rapidly evolved. We recommend REALTORS® refer to Health Canada or other public health authorities for up-to-date guidelines, restrictions and precautions. We understand you may have questions and co Coronavirus: A Guide for REALTORS®In response to concerns about COVID-19, NAR is providing this guidance to help REALTORS® respond to the coronavirus’ potential impact on the real estate industry. Learn to navigate important issues regarding COVID-19, such as shelter-in-place, fair housing guidance, transaction guidance and more. TRREB MOVES TO STOP REAL ESTATE OPEN HOUSES DURING COVID-19 PANDEMICTORONTO, March 21, 2020 (GLOBE NEWSWIRE) — The Toronto Regional Real Estate Board (TRREB) issued a strong recommendation to its 56,000 REALTOR® Members to stop conducting in-person open houses during the Ontario COVID-19 State of Emergency. COVID-19 means big changes for realtors, home buyers and sellers | CBC NewsThe real estate market is facing fallout from the COVID-19 pandemic, as home sellers, buyers and real estate agents struggle with trying to conduct business requiring at least some personal interaction amid calls to stay home. What Coronavirus (COVID-19) Means for Real Estate AgentsLearn how to adapt your business and stay connected to clients It feels like we’re living in a never-ending series of breaking news updates. Over the last two weeks, the Bank of Canada cut the overnight rate, schools in certain provinces were cancelled, travel advisories came into effect, and the Bank of Canada cut the overnight rate again. https://fola.ca/real-estate-law Marketplace – County of Carleton Law AssociationNo Description COVID-19: How We Will Safely Serve YouUpdated July 22, 2020 A message to Canadians, This is a stressful time for all of us, as together we are facing an unprecedented global crisis. COVID-19 has forced us to adapt to an ever-changing reality as we fight to contain the virus. Standard real estate practices have turned on their ear due to COVID-19: Royal LePage CEORoyal LePage CEO Phil Soper says fear of COVID-19 is behind a rapid adoption of new technologies in real estate. For the Greater Good: RE/MAX and Royal LePage discuss COVID-19 and our Industry – Now We’re Talking Real EstateIn this special episode of Now We’re Talking Real Estate, hear two top real estate executives open up about the industry in a time of crisis – and how we’ve come together without competition. Realtors push back on non-essential sales, adopt safety measures amid outbreak – OHS Canada MagazineBy Ian Bickis TORONTO – The coronavirus outbreak is pushing some realtors to turn away all but the most desperate clients, while others are adopting extraordinary measures in an effort to help maintain social distancing and stem the spread of the pandemic. Tarion’s Response to COVID 19 | Tarion.comThe Government of Ontario’s Emergency Order that suspends certain statutory limitation periods (including warranty submission timelines, requests for conciliation and builder repair periods) under the Ontario New Home Warranties Plan Act is in place until September 11, 2020.