The British Columbia Real Estate Association (BCREA) is calling for a stop to open houses during the COVID-19 pandemic, supporting recommendations made by local real estate boards.
Chief executive of the BCREA, Darlene Hyde, said it is vital that everyone do their part to help slow the spread of COVID-19.
“While only the provincial government or the real estate regulator has the ability to mandate an end to open houses, we urge realtors to encourage clients to take advantage of digital tools like virtual tours when buying or selling a home,” Hyde said in a statement.
The BCREA said it is working hard to support the province’s 11 real estate boards and 23,000 realtors in adapting to changes in the real estate practice. The association is leading a steering group to support realtors and their clients at this time, offering support to the Real Estate Council of BC in sharing information and best practices with realtors and consumers and liaising with other real estate sector and government partners to help the practice evolve to better protect realtors and consumers.
The BCREA is also working with government partners to ensure realtors will have access to emergency relief funding as the real estate market slows.
“We are seeing the curtailment of face-to-face commerce across all sectors and real estate is no exception,” Hyde said. “We continue to rely on our government for guidance and support in meeting the COVID-19 challenge, including ensuring realtors can also access emergency relief funding in the weeks and months to come.”
Real estate pause could hit city budget hard – Toronto Sun
With the ongoing coronavirus outbreak hitting the pause button on Toronto real estate sales, there is concern the crisis may deal a serious blow to the city’s bottom line.
Approved earlier this year, Toronto’s $13.6-billion 2020 budget includes an expected $800 million in revenue from the Municipal Land Transfer Tax (MLTT) — accounting for 7% of the city’s operating funding.
The budget already included a $77-million hole expected to be filled by federal funding commitments to pay for the housing of refugees — commitments made long before coronavirus made worldwide headlines and paralyzed economies across the globe.
Relying on MLTT can be a risky venture for cities — in 2018 lower-than-expected real estate numbers produced a $84.5 million hole in the city’s budget, according to briefing notes.
With land sales in the city frozen due to COVID-19, MLTT revenue is expected to fall to levels far below that.
While requests to the city for year-to-date MLTT revenue numbers went unreturned, a statement from the Mayor’s office said the impact of the outbreak on city coffers won’t be known for some time.
“Mayor Tory and City of Toronto staff are working to make sure we do everything possible as a municipal government to help Toronto residents and businesses during the COVID-19 pandemic and after the crisis is over,” read an emailed statement.
“We know there will be an economic and financial impact on the City itself and our finance officials are working right now to understand how big that impact will be over the coming months.”
The TTC alone, said the statement, is losing about $20-million per week in revenue — one of many financial hits the emergency is dealing upon Toronto.
The TTC alone is losing revenue in the amount of roughly $20 million a week and that is just one of the financial hits the City is experiencing as a result of the ongoing emergency.
“Right now, our focus is on stopping the spread of COVID-19 while continuing to deliver essential and critical services and working with the other governments to rebuild the economy as quickly as possible.”
Video: Homeless man hosed down in front of Gastown commercial real estate office – Straight.com
Some Vancouver residents have expressed outrage over social media in connection with how a homeless person was treated in Gastown.
Video on social media shows a person spraying a garden hose to remove the man from the front door of 305 Gore Street.
The real estate office is part of an 11-storey mixed-use condo complex called The Edge, which was developed in 1999 at 289 Alexander Street.
One of those who tweeted about the incident was Harsha Walia, executive director of the B.C. Civil Liberties Association.
She described the use of the hose as “despicable anti-homeless violence”.
(Warning: the video includes swearing.)
It’s increasingly difficult for the homeless to find a place to rest in Vancouver as a result of the closure of libraries and most community centres, as well as the conversion of fast-food outlets and other restaurants to takeout joints.
For more on that, check out the tweets below by homeless resident and Straight contributor Stanley Q. Woodvine.
Real estate publisher lets 70 go, blames coronavirus impact – Toronto Star
Key Media, the Toronto-based publisher of trade magazines Canadian Mortgage Professional and Canadian Real Estate Wealth, has cut more than a third of its global workforce amidst the economic fallout from the COVID-19 pandemic.
This week, the publishing and conference company issued severance notices to 70 people, in offices as widespread as Canada, the U.S., U.K., Singapore and Australia.
Before the wave of cuts, the company employed almost 200 people in eight offices
One employee who received a severance notice said they’d been told by a Key executive that the biggest reason for the cuts was that the company’s conference business had dried up almost all at once, because of the global COVID-19 pandemic.
“The current economic climate has had a huge effect on the company’s revenues, and we have forecast a significant negative impact on the company’s bottom line for 2020. This means that unfortunately, we are no longer able to continue your employment,” the severance notice stated.
Email and Skype messages to company CEO Mike Shipley, who lives in Antigua, weren’t immediately returned.
Key Media publishes 130 trade magazines devoted to real estate, mortgages and insurance. It also runs 70 annual conferences and trade shows.
Earlier this week, Saltwire Media, Atlantic Canada’s largest newspaper chain, laid of 40 per cent of its staff and shut down all of its weekly papers for at least 12 weeks, citing a plunge in advertising in the wake of the COVID-19 pandemic.
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