Stay Informed

To my valued customers and real estate consumers,

I know this is a trying and stressful time for all of us in Canada.  Things are changing almost hourly with government recommendations at the federal, provincial, and municipal levels.

I want to offer you stability and comfort knowing your real estate needs are still being met in a safe and responsible manner.  On deni.ca and remax.ca, we continue to offer up-to-the-minute listings, accurate home estimates, and timely, valuable real estate news — especially important at this time.

Rest assured, while I remain open for business, I am taking all necessary precautions as recommended by the various health agencies and government.

• I am limiting contact with the general public and will use alternative means of communication wherever possible such as texts, phone calls, and emails.
• All open houses are postponed until a future date that’s deemed safe.  Properties are available for viewing by appointment.
• If I feel unwell or am instructed to self-isolate I will not interact with the public.
• Information around hand washing and sanitizing has been circulated to all real estate agents and they are strongly encouraging them to follow all guidelines as outlined by public health officials to help keep themselves and their clients protected.
• RE/MAX River City has reduced hours and seeking alternative technologies to connect with clients and host offer presentations.  Our administration staff will not be effected or will we reduce brokerage services.
• I am committed to using technology to help safely deliver the best service possible. This includes virtual tours of the home or digital presentations.

The strength of RE/MAX agents is knowing and being a part of your communities.  We are all in this together and remain committed to keeping you and your loved ones safe.

To those who are already with Deni buying or selling a home, know that I am there for you and if necessary, will make arrangements with you if there are any concerns around illness or potential spread of the virus.

Nothing is more important right now than the health and safety of our colleagues, clients and fellow citizens across Canada.

Check this page frequently for updates on how this situation is impacting the real estate market, and I will continue to be here to answer your questions and serve your real estate needs.

Stay Safe!

Sincerely,

Deni Beauvais

Edmonton Realtor® – RE/MAX River City

The Government of Alberta has deemed real estate agent services, and services that provide access to credit, stocks or other forms of liquidity or finance to individuals, groups or businesses to be essential services. This exempts licensed real estate and mortgage professionals from restrictions during the COVID-19 outbreak, as long as they follow all public health guidelines, including physical distancing measures. 

Risk Self-Assessment

Before you have a conversation with your real estate professional, assess your own personal risk tolerance with COVID-19. You should also understand the current measures set in place to keep our communities safe.

Understandably, while some individuals may want to exit the real estate market, others may choose to (or need to) continue buying, selling, leasing, or renting. Knowing your own comfort level with the risk of COVID-19 will inform your discussions with your real estate professional.

Discussing Your Options

Your real estate professional may advise you on the following ideas to make transactions safer, depending on if you’re a buyer, seller, landlord, or tenant:

• screening buyers, sellers, or tenants
• real estate professionals travel to viewings with clients separately
• employ conditional showings based on the use of gloves and hand sanitizer, with limits on what viewers can touch i.e., only knobs and light switches
• disinfect all high contact areas after viewings
• reduce in-person viewing with photos and videos
• discuss your comfort level with open houses and the options available for reducing risk if open houses are held
• suspend viewings temporarily depending on rules from your professional’s local real estate board
• end listings or buyer representation agreements and agree in writing to re-enter into these agreements at a later time

Agree to A Path Forward in Writing

Real estate professionals will suggest these decisions be documented in writing to ensure follow-through by both parties. Any amendments to representation agreements, including suspending agreements and intentions to enter new agreements need to be in writing.

More People Involved Than Just Your Real Estate Agent

Real estate transactions have multiple components which involve interactions with many regulated professionals. You may have a relationship with a real estate professional, a property manager, and a mortgage broker. It is important to note what to discuss with every professional about any concerns, existing options, and preventative safety measures.

For instance, when working with your mortgage broker, the mortgage application can mostly be done remotely. You can speak with your mortgage broker by phone or electronically, and you can organize a courier to drop off and pick up original contracts to minimize exposure.

Also, you should discuss any cleaning and precautionary measures or viewing conditions with home inspectors and real estate appraisers as you would for an open house.

Real estate lawyers will likely need to attend in person to sign documents to demonstrate their identity, and for you to verify yours. Individuals should speak to their lawyer to address any concerns before meeting with them.

THE POWER OF SOCIAL DISTANCING

FAQs

As new questions arise, these Facts and Questions will be regularly updated.

FINANCIAL EFFECTS

Since being labelled a pandemic per the World Health Organization (W.H.O.), the effects of COVID-19 have begun to ripple through the world’s economy – including Canada – and causing a number of different effects. To help keep you up to date on what is going on financially, we have compiled a list of recent announcements by the Ministry of Finance, the Bank of Canada, and OSFI:

• Minister Morneau announced a new Business Credit Availability Program, adding $10 billion of additional support financing, through Business Development Bank of Canada and Export Development Canada, to support Canadian Businesses. Click here for more.
• The Bank of Canada lowered the overnight rate from 125 to 75 bps, to reduce the interest cost burden for businesses and consumers alike. The bank also increased its Government of Canada bond buyback program. Click here for more.
• OSFI reduced the Domestic Stability Buffer from 2.25% to 1%, thereby freeing up $300 Billion additional lending capacity for Domestic Systemically Important Banks (D-SIBS). Click here for more.

HOMEOWNERS NEED TO KNOW

This can be a difficult time for a homeowner as many families are self-isolating or are in quarantine due to the virus. This can result in loss of monthly income and financial instability, which can cause stress and concern about your home and mortgage.

We have compiled the following information from our partners to keep you informed as to some of the recent developments surrounding mortgages, as well as what lenders are doing to help mitigate financial strain during this difficult time.

Here are a few important considerations for homeowners and potential homeowners to keep in mind during this time:

• Mortgage application turnaround time may be an upwards of 15 days in some cases given the current climate and growing developments.
• If you require an appraisal, there can be issues that could delay or prevent access of the appraiser into the home. Lenders are being proactive and exploring policy options to help circumvent this as best they can.
• Don’t forget this situation is new to our mortgage brokers and lenders as well as the rest of us, so they are being cautious yet innovating to overcome any issues.
• Rush transactions will be met with challenges.

THE STRESS TEST

In light of this growing situation, OSFI has announced that it is suspending all consultations, including those regarding changes to the proposed B-20 benchmark rate. In addition, the Minister of Finance postponed the announced April 6th qualification change for insured mortgages. In short, until further notice, the Bank of Canada posted 5-year rate will continue to be used for mortgage qualification.

RENTERS NEED TO KNOW

If you are renting in Canada currently, you may be facing some uncertainties about your future amid the COVID-19 pandemic – especially with the start of a new month on the horizon. Provincial governments are currently rolling out plans to help renters during this time:

• Alberta is banning evictions for renters until at least May 1 and freezing rent increases to help counter some of the worst social and economic impacts of COVID-19.
• Eviction protection will continue thereafter for the duration of the public emergency for tenants who work with landlords to establish meaningful and reasonable partial payment plans.
• Evictions of tenants who had not been able to pay rent for the last few months will also be suspended.
• Landlords will not be allowed to raise rents while the public state of emergency is in effect and any rent increases that had recently been announced will be frozen until the state of emergency is lifted.
• Landlords would not be allowed to charge late fees for between April 1 and June 30.
• Civil enforcement of evictions will be suspended for a month.

WHAT LENDERS ARE DOING

We understand that the COVID-19 outbreak is taking a toll on families across the country with many parents being out of work or quarantined. As an industry built on homeowners, many of our major lenders have pulled together to provide you beneficial options during this time and help alleviate some of the financial stress.

Depending on your lender, there may be options available to you during this time such as:

• Deferral of payments
• Re-amortization of the loan
• Capitalization of outstanding interest & costs
• Special payment arrangements

Please Note: that when you defer payment for (6) months, in most cases, the lender will take the interest that would have been paid compounded and add it to your monthly mortgage balance. Upon maturity of your mortgage term, the payments will be calculated moving forward based on the higher mortgage balance.

The Big Banks:

Big banks including Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada have opted to provide coordinated relief for their customers.

These banks will be working with personal and small business clients to cope with the economic fallout of the virus. Effective immediately, all six are introducing mortgage payment deferrals of up to six (6) months and are also offering relief on other credit products for those families who are facing hardship during this situation.

These banks are experiencing a much higher volume of calls than normal, so it may take time to get through. To help mitigate this, Scotiabank introduced an online application for mortgage deferrals, which you can find here. We are monitoring if any of the other big banks do the same.

Credit Unions:

In addition to mortgage insurers and big banks, credit unions are also working diligently to provide some relief for customers amid the COVID-19 pandemic.

Desjardins:

Clients of Desjardins that are having trouble repaying their loans can reach out to discuss their options. The financial cooperative is reviewing each request on a case-by-case basis and will suggest solutions to help, which may include payment relief for all financing products (no negative impact on credit rating).

Coast Capital:

Coast Capital has noted possible deferral of mortgage payments and the opportunity for relief on other credit products on a case-by-case basis.

VanCity:

Similar to the other credit unions, VanCity is working to offer relief on a case-by-case basis and has noted for individuals to contact them to discuss the options available. In other efforts to help, VanCity is working to provide emergency working capital, is buying back foreign currency at the original sol drate for those customers impacted by travel and they are waiving INTERAC e-Transfer® and ATM fees in Canada until April 30.

Monoline Lenders:

Last but not least are monoline lenders, which are also doing their part to assist households with their financial struggles during this difficult time. Similar to credit unions, all financial assistance will be done on a case-by-case basis so it is best to contact your mortgage professional or lender directly.

Here are some important statements from these lenders regarding COVID-19:

• B2B Bank: COVID-19 – We stand prepared and ready to help
• CMLS: COVID-19 Update
• Equitable Bank: COVID-19 – we’re here to help
• First National: Keeping you informed: COVID-19
• Haventree Bank: COVID-19: We are here for you when your world turns upside down
• Home Trust: Statement from Home Trust on COVID-19
• HomeEquity: HomeEquity Bank Communication – COVID-19
• Manulife Bank: A message regarding Novel Coronavirus (COVID-19)
• MCAP: COVID-19 Update: Skip-A-Payment / Hold-A-Payment Programs
• Motusbank: A message from Bill, our CEO. We’re with you through the COVID-19 Virus
• Peoples Group: What we’re doing during coronavirus disease (COVID-19)
• Simplii Financial: We’re here to help with whatever you need
• Tangerine: Tangerine Bank here to help our Clients impacted by COVID-19 with new financial relief program

MORTGAGE INSURERS

In addition to the big banks, mortgage insurers including CMHC, Genworth & Canada Guaranty are working to help homeowners who have been financially impacted by the COVID-19 outbreak. Starting now, they have increased their flexibility and are allowing payment deferral of up to 6 months for home-owners who, primarily but not exclusively, purchased with less than 20% down.

Genworth Canada

Genworth Canada released a statement on March 16, 2020 outlining their Homeowner Assistance Program (HOAP), which is designed to assist Genworth Canada-insured homeowners who experience sudden financial setbacks that could temporarily impact their ability to meet their mortgage obligations. Borrowers who qualify under the lender’s internal guidelines and Genworth’s Homeowner Assistance Program will receive up to six (6) months of relief allowing borrowers some time to recover and focus on what’s important.

Canadian Mortgage and Housing Corporation (CMHC)

Canadian Mortgage and Housing Corporation (CMHC) is offering tools that can assist homeowners who may be experiencing financial difficulty. Their default management tools include: payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses and special payment arrangements.

CMHC also provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation, including:

• Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
• Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
• Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
• Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
• Offering a special payment arrangement unique to your particular financial situation.

Canada Guaranty

In addition to Genworth Canada and CMHC, Canada Guaranty is also doing their part to support homeowners during this difficult time. Per their statement released on March 16, 2020 they noted with their Homeownership Solutions Program, lenders currently have the ability to capitalize up to four (4) monthly mortgage payments.

However, to assist eligible homeowners as they navigate through these challenging circumstances, Canada Guaranty is prepared to extend this program option to allow the capitalization of up to a maximum of six (6) monthly payments. This is assuming the original insured loan amount is not exceeded, request for capitalization is received before September 13, 2020 and that the lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty resulting from COVID-19.

LENDER CONTACT INFORMATION

During this time, it is best to discuss your mortgage with your mortgage broker or lender should you have any financial concerns surrounding the COVID-19 outbreak. Please be advised, there may be longer than normal wait times for calls during this situation and to expect at least 20-30 minutes for a representative. Be sure to have your mortgage number available to ensure smoother service and remember to be kind!

Here are some direct contact numbers for various lenders across the country:

ADDITIONAL FINANCIAL MEASURES

In addition to helping homeowners manage their finances through deferred mortgage payments and adjustments, the Canadian Government has also come to the aid of families who may be struggling currently.

To help those currently struggling, the following measures are being taken or have already been implemented:

• Income Tax Payments: The Canada Revenue Agency will allow all taxpayers to defer payments for any income tax amounts that are owing between March 18, 2020 and September 2020 until August 31, 2020. No interest or penalties will accumulate on these amounts during this period.
  • Taxpayers who are required to remit quarterly instalments may benefit from up to 5 months of tax deferral.
• Income Tax Filing: Income tax return filing has been extended one month from April 30, 2020 until June 1, 2020.
  • If you receive and rely on the GST credit or the Canada Child Benefit, it is still ideal to file sooner to ensure that the entitlements for the 2020-2021 benefit year are not delayed.
  • For trusts with a December 31, 2019 year end, the tax return filing due date has been extended to May 1, 2020 (from March 30, 2020)
• Registered Retirement Income Funds (RRIFs): The required minimum withdrawals from RRIFs will be reduced by 25% for the 2020 tax year.

In addition, the Canada Revenue Agency is adapting their Outreach Program in order to better support individuals during COVID-19. This service allows the CRA to offer assistance to ensure individuals understand their tax obligations and to help them obtain the benefits and credits to which they are entitled.

Emergency Funds During COVID-19

• GST Credit: $400 for single adults, $600 for couples
• Child Tax Benefit Top-Up: An additional $300 per child
• Student Loan Payment Deferal:
  • 6 month timeframe
  • No payments
  • No interest accrual
• Indigenous community based support fund
• $200 million provided for community resources such as:
  • Shelters/homeless needs
  • Sexual abuse/transition house needs
• 10% wage subsidy for small to medium sized businesses for employees
  • $25,000 per employer
• Ensured Mortgage Protection Program
  • $50 billion provided
  • Payment deferrals
  • Special payment arrangements
• Bank Supports
  • Auto loans
  • Deferral of payments possible
  • Contact bank directly
  • Speak to your institutes
• Emergency Support Fund
  • $5 billion – more information to come

WHAT DOES THIS MEAN FOR CLOSINGS?

If you are currently in the process of purchasing or selling a home, we have taken the liberty of gathering information surrounding real estate transactions during this COVID-19 situation.

Land Registry Offices Remain Open – For Now

Currently there are no plans to close the LROs. This may change, but currently LROs may be working with reduced staff and will likely prioritize services required for closings (over-rides, pre-approvals, PIN corrections, etc.). Click here to learn more.

Banks Are Remaining Open – For Now

All of Canada’s major banks have indicated an intention to remain open. Similar to other businesses, the banks may be working with reduced staff or locations and there may be delays in processing requests.

Tarion

Tarion issued an Advisory on Friday confirming that the builder repair period has been suspended until April 13, 2020, and that homeowners may refuse access and builders may refuse to perform after-sales services during the COVID-19 pandemic without penalty.

Client Meetings

Due to the focus on self-isolation and preventing further spread of COVID-19, there may be issues with clients not being able to meet with lawyers – or vice versa. Remote meetings are still a great option during this time (both in real estate and for your mortgage professional) and can be held via phone or video conference with a plan to provide any sworn documents aat a later date. If you do meet in-person, don’t shake hands, sit as far apart as possible and be sure to wash your hands after leaving any unfamiliar environments.

Municipalities

There have been recommendations that people limit in-person interactions, work from home if possible and not go out for ‘non-essential’ reasons. It is now very possible that municipalities may close their offices or work with reduced staff and that delays in receiving compliance information, permits and municipal agreements may be experienced.

What does this mean for your closings?

If either the LRO or the banks close, then real estate transactions will not be able to proceed and you would need to seek extensions wherever possible. The good news is that everyone is in the same situation! The bad news is that there is no right in most re-sale agreements to insist on an extension, however most people are understanding and you will have to rely on their goodness as well as common law principles to extend the transaction.

TITLE INSURANCE

To minimize the impact to your business during these uncertain times, FCT offering Extended Gap Coverage for commercial and residential transactions at no additional cost. In the event that there is a disruption to provincial land titles/registry offices, they have provided some steps you can take to minimize the effect.

As information is still developing surrounding title insurance and closing processes during COVID-19, please click here to visit the FCT website, which will be updated daily.

WHAT CAN YOU DO?

If you find yourself facing financial difficulties as a result of job loss or income reduction during this time, it can be overwhelming and may leave you feeling stressed and unsure of what the next steps are.

To make it easy, we have put together simple steps you can do to help resolve your financial difficulties and ensure you can focus on more important things such as your family and your health.

1. Cut Down on Costs
   For anyone that is currently out of work due to COVID-19 or has found themselves at reduced hours, it is a good idea to look at your finances for ways to cut down on non-essential costs. Some ideas for reducing your monthly expenses include taking a look at streaming services, your phone data plan and gym memberships which can add up.
2. Talk to Your Mortgage Professional
   Your Mortgage Centre Canada mortgage brokers are working hard to stay on top of all information surrounding the development of COVID-19 as well as the responses from Bank of Canada and the Ministry of Finance to ensure the most up-to-date and accurate information to assist you. They can help explain the options available to you and provide further understanding as to how this situation may affect your interest rates and mortgage payments.
3. Contact Your Credit Card Companies and Lenders
   Many families and individuals cannot afford to lose their income, or even see it decrease. If you are in debt or living paycheck to paycheck, you may already find it difficult to make bill payments. Unfortunately, missing these payments can have long-term negative effects. Before it gets to this point, it is a good idea to contact your lenders, banks or credit card companies to see if there are options.
4. Find alternatives
   Whether you are temporarily laid off, let go of your company or do not have enough sick days to cover your time at home during COVID-19, there are steps you can take to help supplement your income.

    

   • You can try these alternatives if you are out of work due to COVID-19 and in need of financial assistance.
   • Employment Insurance (EI) might be an option. Services Canada has reduced the wait period and is currently offering EI assistance to individuals affected by the virus. Click here to learn more.
   • Have skills you can utilize online? While you’re off work or in quarantine, consider freelancing. Websites such as UpWork and Freelancer.com have jobs from across the globe from accounting to website development.
5. Clarify the Financial Picture
   In order to benefit from your mortgage professional, you will need to provide detailed financial accounts so they can review your situation and all potential options. Preparing a detailed budget breakdown – including credit cards, loans and household bills as well as savings accounts and investments – will help your broker get a better sense of your current financial position and what assistance you may qualify for.
6. Stay Informed
   Information is power and the more information you have at your disposal as this situation develops, the better prepared you will be to manage your household and finances. We will be providing updated information right here on our website as this situation developes.

ADDITIONAL SUPPORT

We understand that along with financial hardships, many individuals are also experiencing a drastic toll on their mental health with regard to COVID-19. For any individuals that are currently managing mental health disorders (anxiety, depression, bi-polar disorder, etc), please be sure to check with your mental health professional during this time if you are experiencing an increase in your symptoms.

In addition to your regular care, the Canadian Mental Health Association is working hard to continuously update their website with resources related to pressures, anxiety and other stressors in the midst of this pandemic. For more information, please visit their website here. They also have a 24/7, toll-free crisis line at 1-833-456-4566.

Some other programs that may assist you and help reduce the mental and emotional burdan of this situation can be found below:

Employee Assistance Program (EAP): This dedicated program is providing the following:

• 24/7 confidential access to professional support to help employees manage stress, anxiety, grief, financial concerns, and much more.
• Employees and managers can connect to get support by phone, video, or chat anytime, anywhere.
• Vast library of online resources for coping with trauma, building resiliency, self-care, managing change, and more.
• Manager consultations to support leaders in dealing with sensitive workplace situations.

First Access: This program provides global support for unique needs and for organizations who are not EAP clients. Some of the features they offer are:

• Counselling and traumatic event support to address unique needs worldwide
• Allows organizations – even those without a formal EAP in place – to access support services, as needed, to ensure timely and effective issue resolution

STAY SAFE – AND WASH YOUR HANDS!

Remember during this time to practice proper hand-washing procedures and minimize your contact with other people to ensure that you are not unknowingly contracting or passing along COVID-19. We can overcome this, together.

COVID-19 Self Assessment Information

The majority of Canadian provinces have provided dedicated pages with important COVID-19 information, including how to do a self-assessment for symptoms.

COVID-19 SELF-ASSESSMENT