Real Estate as an Essential Service
With social distancing advisories and non-essential business closures in place, many people – some realtors included – are scrutinizing whether real estate is an essential service as it has been classified in Ontario. Those who argue against the essential classification are coming from a good place, with hopes that more-stringent lockdowns will stop the spread of COVID-19. On the surface, shutting down such real estate services as those provided by agents, lenders, lawyers and land registry offices may seem like the sensible thing to do given the current climate. However, the unintended consequences would be detrimental to many people and for many reasons.
Real Estate as an Essential Service
The fact is, real estate is an essential service. Alongside food, water and clothing, shelter is one of life’s basic necessities.
When Moving is a Must
Someone has already sold their home, and must now find a new place to live. Many of Canada’s housing markets were in seller’s territory in early 2020, prompted by low housing supply and growing demand. This motivated many homeowners to list.
A homeowner has to sell their existing home to finance the new home they’ve already agreed to purchase. Precluding homeowners from selling would have a detrimental domino effect.
A family is living in a precarious place, with no choice but to move. Factors such as neighbourhood crime or unsafe conditions inside the home itself may have forced a decision to move.
A homeowner has to liquidate their home equity in order to finance their business or their life. Social distancing measures mean many businesses are suffering huge losses.
We Are Doing Business Differently
Recognizing the need to proceed with real estate transactions, we have adapted our business practices to meet social distancing measures. This includes digital listing presentations, virtual open houses and showings, video conferences, e-signatures and e-transfers, among other things. We are increasingly completing 100-per-cent digital transactions, and our clients are open to this new approach.
If you have any questions please call us at 289-642-2655
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