Wednesday Mar 25th, 2020
The Conference Board of Canada's Canadian Outlook Executive Summary – Spring 2020 indicates the Canadian economy, previously on precarious footing, is now on the brink of recession due to COVID-19, the rail blockades and a collapse in oil prices.
Now this is a snippet I copied and pasted from some publication and I apologise for not remembering which one, I blame all the social distancing and being cooped up at home eating far too much cheese despite claiming I am vegan. I broke down folks…I broke down….
I heard a mortgage broker say a couple of days ago on a podcast that as far as a recession goes, it's not if but when. The fall out from this pandemic….never had to use the word pandemic in a sentence before…wow…is inevitable. Beyond that, speculating or pontificating on the future strikes me as a futile enterprise. As I see it, if all the pundits were so clever they would have seen this coming and they would be sitting pretty in their civil-unrest proof luxe bunkers if they are not all ready. So, for the rest of us hoi polloi sitting ducks, will this mean business as usual in a couple of months? Will we still be working from home if by chance the state of emergency is lifted? Hard to say. Beware anyone that claims to know the future lol. The government is trying to cope with this on a day-to-day basis and has made a list of businesses that are deemed essential including real estate. Pray tell, how is real estate essential during a pandemic?
I understand the land registry office having to be open for the homes about to close but are people during this critical tipping point really needing to buy and sell homes?? I don’t think a “virtual” open house will cut it when buying your largest investment and simultaneously greatest source of good debt. Hey, I am the first person to want things to revert to normal as I too have had clients think twice and am a little shocked with agents putting out showing protocol notices as part of their listing attachments. Can they at least wait 2 weeks?? Imagine possible symptom-free carriers walking through your home now?? Even the house flipper behind me is in a rush to complete his masterpiece sh**show in time. In time for what? Coronapocalypse? You don’t think I have listings I want to put out?? A decision was made to postpone and that’s ok as each seller and buyer is like a temporary boss and your job is to take instruction from them and not convince them otherwise especially during a pandemic.
I think part of the reason real estate is being deemed essential as well as other businesses that are not food or medical in nature is so that the government will not have to pay us self-employed people any money! So, if we are classified as being “essential” then go make your money whether you die or not. Thank you, Government of Canada, for supporting the largest job creation engine in the country, small business. I have yet to see how this pans out and will report back.
In the mean time friends, stay safe and stay home😊