{"id":17607,"date":"2020-04-06T01:00:00","date_gmt":"2020-04-06T05:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=17607"},"modified":"2020-04-06T09:38:05","modified_gmt":"2020-04-06T13:38:05","slug":"covid-19-real-estate-news-roundup","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/covid-19-real-estate-news-roundup\/","title":{"rendered":"COVID-19 Real Estate News Roundup (Updated April 6, 2020)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The impact of the COVID-19 virus continues to have widespread implications for individuals, businesses, and industries; as many face the loss of employment and income, the ability to pay for rental or homeownership costs has become a pressing issue. Here, we\u2019ll be sharing the latest updates for renters, homeowners, and the real estate industry, as the health crisis develops.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COVID-19 real estate news highlights, by week:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#March30\">March 30 to April 3<\/a><\/li><li><a href=\"#March23\">March 23 to March 27<\/a><\/li><\/ul>\n\n\n\n<hr \/>\n\n\n\n<a id=\"March30\"><\/a><p><strong>Week of March 30&nbsp;&nbsp;\u2013 April 3, 2020<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">COVID-19 Has Noticeable Impact on March 2020 Real Estate Market in Toronto Region<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a href=\"http:\/\/trreb.ca\/index.php\/market-news\/market-watch\" rel=\"noreferrer noopener\" target=\"_blank\">Toronto Regional Real Estate Board<\/a>&nbsp;(TRREB) released their March 2020 report on Friday, April 3, indicating that March sales were \u201cclearly driven by the first two weeks of the month,\u201d before emergency measures were introduced and when buyers and sellers were still gearing up for what was expected to be a busy spring market.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leading up to March 15, there were 4,643 transactions across TRREB, which was a 49 per cent increase compared to the same two week period the year prior.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, with the measures around COVID-19, including social distancing, sales dropped in the second half of the month. There were 3,369 sales reported from March 15 \u2013 31, in what TRREB characterized as the \u201cpost-COVID period,\u201d which is 15.9 per cent lower than the same period last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The average home price across TRREB remains stable at $902,680 compared to $910,290 last month and still represents an annual increase of 14 per cent.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real Estate Still an Essential Service in Ontario<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">On Friday, April 3, the Ontario government updated their list of&nbsp;<a href=\"https:\/\/www.ontario.ca\/page\/list-essential-workplaces\" rel=\"noreferrer noopener\" target=\"_blank\">essential workplaces<\/a>. Real estate agent services, and land registration services remained on the list.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Updates included only allow critical construction projects to continue, including \u201cindustrial projects such as refineries and petrochemical plants and infrastructure projects such as new hospitals, roads and bridges.\u201d&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Residential construction projects can also continue where:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a footing permit has been granted for single family, semi-detached and townhomes<\/li><li>an above grade structural permit has been granted for condominiums, mixed use and other buildings, or<\/li><li>the project involves renovations to residential properties and construction work was started before April 4, 2020.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Canadian Banks Receive 500,000 Requests for Mortgage Deferrals\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Canadian Bankers Association reported nearly&nbsp;<a href=\"https:\/\/business.financialpost.com\/real-estate\/mortgages\/canadas-big-banks-field-half-a-million-mortgage-deferral-requests\" rel=\"noreferrer noopener\" target=\"_blank\">500,000 requests<\/a>&nbsp;have been submitted by borrowers to defer or skip mortgage payments to Canada\u2019s largest six banks (RBC, TD, BMO, CIBC, Scotiabank and National Bank of Canada) over the past two weeks. So far, the banks have allowed customers to defer payments on over 10% of the mortgages in their portfolio.<\/p>\n\n\n\n<hr \/>\n\n\n\n<a id=\"March23\"><\/a><p><strong>Week of March 23 &#8211; 27, 2020<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Bank of Canada Makes 2nd Emergency Rate Cut in March<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of Canada (BoC) cut its Overnight Lending Rate by 50 basis points on March 27 from 0.75% to 0.25% &#8211; the lowest it has been since April 2009 \u2013 as <g class=\"gr_ gr_6 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Grammar only-ins replaceWithoutSep\" id=\"6\" data-gr-id=\"6\">further<\/g> response to the COVID-19 pandemic and its impact on the Canadian economy. It is&nbsp;<a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-emergency-rate-cut-covid-19\/\">the third rate cut the BoC has made in March<\/a>, and the second made in an emergency context, outside of its usual rate announcement schedule. Altogether, the cuts have lowered its rate by a full percentage point, following the 50-basis-point reductions made March 13 and March 4th.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rate cut was made to help keep the cost of borrowing low, and consumer spending flowing, during a time of economic downturn and upheaval. Stated the BoC, \u201cThe intent of our decision today is to support the financial system in its central role of providing credit in the economy, and to lay the foundation for the economy\u2019s return to normalcy.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/blog\/bank-of-canada-cuts-rate-0-25-covid-19\/\">Read the full story here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real Estate Named an Essential Service in Ontario<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the evening of March 23, the provincial government&nbsp;<a href=\"https:\/\/www.ontario.ca\/page\/list-essential-workplaces\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"released a list of businesses and industries deemed as \u201cessential\u201d (opens in a new tab)\">released a list of businesses and industries deemed as \u201cessential\u201d<\/a> as part of the current State of Emergency, and included real estate agent services, moving services, and land registration services among those that did not have to close operations. However, as both provincial and municipal real estate boards and associations have made clear, this does NOT mean it\u2019s business as usual for the industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a href=\"https:\/\/www.orea.com\/News-and-Events\/News-and-Press-Releases\/Press-Releases\/March-24-2020\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Ontario Real Estate Association (opens in a new tab)\">Ontario Real Estate Association<\/a> (OREA), a provincial lobbyist group, has urged brokerages and agents to stop all face-to-face business. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Holding open houses<\/li><li>Having public office hours<\/li><li>Having agents come in person to a brokerage office<\/li><li>In-person showings and inspections<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As well, it has been strongly recommended that homes with rental tenants dwelling there not be shown or listed for sale as long as current health advisories are in force.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Stated OREA President Sean Morrison, \u201cAs Realtors and community leaders, we must do our part to help limit the spread of COVID-19. Why put your health on the line \u2013 or the health of your client or community \u2013 for showings that can simply be postponed for a few weeks? It\u2019s not worth the risk.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For clients with an urgent need to buy or sell a home, or close a transaction, agents are directed to keep business dealings as virtual as possible, including paperless documentation, and avoiding in-person viewings of the property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<a rel=\"noreferrer noopener\" aria-label=\"Toronto Regional Real Estate Board (opens in a new tab)\" href=\"http:\/\/trreb.ca\/files\/news_releases\/news2020\/nr_Prov_Shutdown_COV19.pdf\" target=\"_blank\">Toronto Regional Real Estate Board<\/a> (TRREB) has issued a similar recommendation \u201cstrongly advising members to refrain from face-to-face real estate practices during the State of Emergency as they continue to satisfy their ethical duties to their clients.\u201d They recommend alternative strategies such as video or virtual tours \u2013 but only on an absolutely as-needed basis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis was primarily to ensure people who had already bought or sold a home, but are still in the process of finding a new home or selling their existing property, were not left in limbo during the provincial shutdown,\u201d TRREB states.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The board has also announced it will not enforce its MLS rule that suspends property listings that are not available for showings or inspections as long as the government health advisory is in effect.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Some Homeowners May Be Able to Defer Their Mortgages Up to Six Months<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As the economic impacts of COVID-19 continue to deepen, more Canadians are worried they won\u2019t be able to pay their shelter costs; according to a survey conducted by Angus Reid between March 20 \u2013 23, 34% of respondents said they\u2019re worried they\u2019ll miss a rent or mortgage payment this month, with 44% saying they\u2019ve lost work, or someone in their household has due to the pandemic. An additional 18% also stated they expect to lose their source of income soon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To help counter these effects, Canada\u2019s six biggest banks \u2013 BMO, CIBC, National Bank, TD, RBC, and Scotiabank \u2013 have announced they will provide mortgage holders who require financial assistance due to the impact of COVID-19 with up to six months of mortgage payment deferrals, on a \u201ccase by case basis\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The deferrals are available to borrowers in good standing who have experienced a loss in income due to the economic impact of the virus, or due to being unable to work because of illness or the need to socially isolate. Those who must stay home from work to provide childcare are also eligible.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those who wish to access a deferral must reach out to their lender directly to see if they qualify, however, as the type of assistance \u2013 and the qualifying criteria \u2013 appear to differ from bank to bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The announcement comes after federal Finance Minister Bill Morneau implored lenders to provide homeowners with relief in efforts to avoid widespread mortgage defaults as a result of the economic impact of COVD-19 \u2013 a huge issue witnessed in the U.S. during the 2008 \u2013 2009 recession that led to the widespread need for bank bailouts, and Americans losing their homes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, these deferrals are not free money \u2013 the mortgage loan will still continue to accrue interest over the deferral time frame, which will be added to the loan\u2019s overall outstanding balance and to be paid in either future monthly mortgage payments, or reworked into the loan upon renewal. The program is proving to be in high demand \u2013 according to the Canadian Bankers\u2019 Association, lenders have fielded more than 213,000 requests for mortgage deferrals since the measure was announced on March 17.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Potential Relief for Tenants<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While rental tenancy advocacy groups have been calling for similar payment relief to apply to the rental market, that hasn\u2019t yet become a reality. However, there have been some protections announced for renters at various provincial levels across Canada.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;In Ontario, a freeze has been placed on all evictions, with Premier Doug Ford stating that while those who can afford to pay rent should continue to do so, those who are unable due to COVID-19-related reasons will not be removed from their homes, and that financial resources should prioritize medical and essential services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The British Columbia government has taken similar measures, announcing a moratorium on evictions for non-payment due to COVID-19. As well, the province will be providing a $500 monthly supplement for three months for renters who\u2019ve experienced a loss in income but don\u2019t qualify for existing rental assistance programs, which will be paid directly to landlords.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Your Ontario Property Tax Bill Could Be Delayed<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to its relief measures, the Ontario government has also granted municipalities the power to delay collecting property taxes from residents for three months. This is due to how cities\u2019 payments to school boards are structured, which are due every three months; under the change, they\u2019ll be able to put off this payment until June 30, freeing up $1.8 billion in cash, that the province is urging them to use to pass along the deferral to homeowners.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While it is still to be determined which municipalities will put the deferment into effect, it\u2019s most likely&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto real estate&nbsp;<\/a>owners will benefit, as the City has already confirmed it\u2019s in the process of putting a deferment into place, while other cities have already implemented a 60-day property tax delay for their residents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Be sure to check back weekly for the latest COVID-19 real estate developments.<br><br><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The impact of the COVID-19 virus continues to have widespread implications for individuals, businesses, and industries; as many face the loss of employment and income, the ability to pay for rental or homeownership costs has become a pressing issue. Here, we\u2019ll be sharing the latest updates for renters, homeowners, and the real estate industry, as [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":17608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[33],"tags":[],"class_list":["post-17607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>COVID-19 Real Estate News Roundup (Updated April 6, 2020) | Zoocasa<\/title>\n<meta name=\"description\" content=\"The impact of the COVID-19 virus continues to have widespread implications for individuals, businesses, and industries; 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