The provincial government identified real estate as an essential business because, Robertson said, there is a need for people to have a place to live. Real estate agents also had to make sure the proper documentation was completed for in any transaction that occurred before and during the pandemic.
The Ontario Real Estate Association sent out an information document March 25 urging real estate agents to suspend all open houses, agent and public office hours and in-person showings.
“In these unique situations, where a property listed for sale is occupied by tenants, the health and safety of those tenants, the realtors and their clients are of utmost priority,” said San Morrison, president OREA in a news release.
Robertson said real estate agents are using more technology in their work such a video conference calls, digital signing and virtual tours. If a person wants to buy a house, the prospective buyer can make a quick tour of the property to confirm any intentions whether to buy or not.
“It’s harder to service your customers,” Robertson acknowledged.
But he says real estate agents can quickly adapt. Prospective buyers, he said, in the past have examined a property in such a place as Florida, for instance, using virtual technology. Potential buyers are then given a deadline to physically see the homes or building and, if they like it, they make an offer. The same process can proceed under the current limitations, said Robertson.
Robertson’s portfolio is concentrated on commercial and agriculture properties, which are easier to conduct a transaction. He can have a face-to-face discussion during meetings while maintaining the six-foot physical separation and most, if not all, of the properties on the market are empty so it’s not a problem examining the structures or land.
“It’s pretty easy to do, if you observe the physical distancing,” he said.
Robertson said with historic low interest rates — the Bank of Canada slashed its benchmark interest to 0.25 per cent — he can see people who want to upsize to a better house or older people inclined to downsize. The idea is a strengthening job market next year and an expected immigration surge could push sales to more than 40 per cent in 2021 with prices moving to favour sellers.
“With the interest rates now, money is basically free,” he said.
