State of Emergency Update: Here’s What You Need To Know About The Real Estate Market

By now, you’ve heard about the new COVID-19 State of Emergency announced taking effect today. You’re probably thinking, how does this affect the real estate market?… I am still looking to buy or sell.

Well…

Real estate continues to be an essential service, members are permitted to continue to transact business and open houses remain prohibited.

With that in mind, the State of Emergency does impact real estate in two ways:

Short-term rentals for recreational purposes are effectively closed as of January 12th, 2021. If a booking was made prior to January 12th it is permitted to go forward.

Renovations started before January 12th will be permitted to continue but those that have not started are not permitted to start. The government has not indicated when the new measures will be lifted.

Real estate is an essential service to the people of Ontario, and we all have a responsibility to ensure that business is done safely. So, here is another opportunity to ensure that we are keeping to guidelines and ensuring everyone’s safety:

Masks must be worn at all times.

Open houses are banned. Full stop. No exceptions anywhere in the Province until the lockdown is lifted.

We will use virtual tools first and to the greatest extent possible to conduct all business.

Urgently needed in-person showings are permitted but MUST be scheduled in advance.

The Ontario Real Estate Association is working to confirm the impact of the new measures on ancillary services (i.e., staging, photography etc.) and will confirm as soon as possible.

Until we can return to normal, we will continue to put the health and safety of our clients and communities first!

Stay safe & we are always here to answer any questions!

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