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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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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.
