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Money Local real estate market frozen over covid uncertainty

23:35  26 march  2020
23:35  26 march  2020 Source:   vancouversun.com

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Houston's real estate market began showing stress early last year, and monthly sales reports have shown declines for much of the winter and spring. On and off for the past year, Giles has been running an advertisement in the local weekly newspaper and on marketing postcards promoting a

The Covid -19 outbreak has also limited home purchases by Hongkongers in Shenzhen. Buyers from the special administrative region doubled their purchases in the second half of last year, according to Midland Realty . All travellers from mainland China entering Hong Kong, including local residents

a house that has a sign on the side of a building: Royale Rental Apartments at 1848 West 3rd Ave. in Vancouver on March 25. To support people during the COVID-19 crisis the B.C. government has introduced a temporary rental supplement and halted evictions. © Francis Georgian Royale Rental Apartments at 1848 West 3rd Ave. in Vancouver on March 25. To support people during the COVID-19 crisis the B.C. government has introduced a temporary rental supplement and halted evictions.

The local real estate market is mostly frozen as fears about the spread of COVID-19 have halted most home showings and there is uncertainty in the market for buyers and sellers.

The list of causes for this uncertainty is long, from personal health well-being to job security to newly announced policies such as the B.C. government’s ban on rental evictions, according to real estate agents.

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Typically, Charlottetown real estate agent Kevin Quin says he has no trouble helping potential home As social distancing becomes a part of daily life on P.E.I., local real estate agents say they're Despite COVID -19, photos and virtual tours of listings continue to be accessible for prospective

But worrying technical indicators and continued uncertainty regarding the COVID -19 pandemic will make this equities rally short lived, according to Mark “It goes without saying that the firepower here is unlike anything we’ve seen before,” and likely to boost the stock market , in the near term, he wrote.

B.C. Premier John Horgan said Wednesday that a temporary renters’ supplement of $500 a month will be paid to landlords and that it should be used by renters who have seen a drop in their work hours or layoff notices.

This will help renters who have lost jobs and wages, but it will also squeeze some mom-and-pop investors, said Vancouver real estate agent Steve Saretsky.

Saretsky is worried that the ban on evicting tenants might “green-light renters into thinking, ‘I don’t have to bother paying.’

“To me, it’ll be a bit of relying on the honour system,” he said.

Saretsky thinks small, individual landlords will have trouble making their mortgage payments if rent payments, even with the government supplement, are forced to be smaller.

CREA reports home sales up in February, average price climbs higher

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Real Estate . Retirement Planner. effects caused by COVID -19 are currently creating supply chain disruption and uncertainty around future demand "While customer demand in the quarter has been resilient, it has become increasingly difficult to quantify and forecast the business impact of COVID -19."

Welltower Inc. WELL, -24.39%, a real estate investment trust with a portfolio of seniors housing operators and post-acute provides, said as of March 16, there were two residents in its U.S. properties that tested positive for COVID -19.

Meanwhile, since earlier this week, there is no longer an option on the Multiple Listing Service to register an open house, so Vancouver real estate agent Justin Smith has been offering quick walkabouts via his Instagram live video. He’s offering it as an option and there have been times in the past when sales were easily sealed with a video tour, but “not right now.”

“No one is eager to buy. They (buyers) just are seeing what comes of it,” Smith said.

In recent weeks “there had been a small bounce in sentiment (in sales), depending on how you were priced and what you offered,” said Smith, but word of sales that have closed this week are being seen as the last for a while.

On the flip side, Saretsky said there are still some private showings that are happening, even though most real estate agents aren’t doing them to cut down on social interactions that could spread COVID-19.

The ones that are still happening, he said, come as real estate agents are being pressured by sellers to meet with potential buyers. He explained that as these sellers see a fast-closing window for getting out of the market they’re telling agents that if they don’t show a property, then they’ll take it to another agent.

jlee-young@postmedia.com

COVID-19: New measures to protect seniors at long-term care homes .
Vancouver health officials are ordering strict new measures to protect seniors in long-term care homes. Vancouver Coastal Health’s medical health officer, Dr. Althea Hayden, has temporarily ordered all care workers to stop working at multiple cares homes. They are now only allowed to work at one. Your browser does not support this video require(["binding"], function (binding) { binding("wcVideoPlayer", "#video_player_8a8be145-4d9c-43dd-911a-eda8e603d42f").all(); }); Exceptions are physicians, paramedics and laboratory technicians.

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