Summer revival of pandemic-ravaged Canadian real estate seen by RBC economist Robert Hogue

[Georgia Straight - April 16, 2020] An RBC economist expects a possible summer resurgence of the real estate market in Canada. In a housing update, Robert Hogue of RBC Economics described the ravages being done by the COVID-19 pandemic on the residential property market as a “temporary shock”. “We expect stronger activity to resume once social distancing orders are relaxed though there’s great uncertainty as to when this will happen,” Hogue wrote. “Our baseline assumption is sometime in June,” Hogue continued in his [...]

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Covid-19: Understanding Mortgage Payment Deferral

[CMHC - March 24, 2020] The COVID-19, or coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak. What is mortgage payment deferral? Mortgage payment deferrals can help you during times [...]

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Canadian banks cutting credit card interest for some clients due to COVID-19

[CTV - April 3, 2020] VANCOUVER -- Some major Canadian banks are cutting credit card interest for clients that are facing financial hardship because of COVID-19. In a release on Friday, RBC said it will be by cutting interest by 50 per cent for small business and personal clients who are already deferring minimum payments on their credit cards. Starting on April 6, clients who qualify will be able to take advantage of the change. In order to be considered, clients will have [...]

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How will COVID-19 impact the real estate market in Canada?

[Money Sense - March 25, 2020] From 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. As the threat of the COVID-19 global pandemic grows across Canada and all levels of government enact policies to stop community spread via social isolation, millions of Canadians [...]

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Provincial government lists REALTORS® as an essential service 

[Real Estate Board of Greater Vancouver - March 26, 2020] The provincial government announced on March 26 that real estate agents are considered an essential service in BC, alongside measures to centralize our healthcare response, ban the secondary resale of essential goods, and secure supply lines for British Columbians. Other real estate-related essential services include: Land registration services Construction work Professional services, including lawyers and accountants Insurance services Building code enforcers and inspectors What does it mean to be an essential service? Being an [...]

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UPDATE from Synergy Mortgage during COVID-19 Crisis

[Synergy Mortgage - March 24, 2020] We hope all of our valued clients are doing well and staying safe during these unprecedented times.  We are OPEN FOR BUSINESS as we are able to work remotely online via phone and email, as are our lenders.  Appraisers have shifted their practices and are now able to perform appraisals without physically viewing the inside of a property.  Lawyers and notaries continue to meet in person with clients in a safe manner, as they are [...]

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Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

[Department of Finance Canada - March 18, 2020] Backgrounder The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and [...]

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Vancouver real estate board warns against holding open houses during pandemic

[CTV News - March 19, 2020] VANCOUVER -- The Real Estate Board of Greater Vancouver is "strongly recommending" against its members holding open houses during the COVID-19 pandemic. The board, which has approximately 14,000 Metro Vancouver real estate agents as members, announced the recommendation Thursday. It has also suspended its rule requiring properties that are listed for sale to be made available for showings. “Realtors want to do their part to help prevent the spread of illness in our communities and to [...]

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