The outbreak of COVID-19 / novel coronavirus has caused cities all over Canada to go into self-isolations and lockdowns as the numbers of those infected continue to climb. Non-essential businesses are being ordered closed to prevent the spread of the virus and encourage further self-isolation and social distancing. Canadians are facing lay-offs in almost every industry.
This crisis and the ensuing job loss is placing great pressure on the Canadian real estate market. 2020 started out with a very hot housing sector but in key markets that has ground to a halt as the virus spreads.
This crisis may last weeks, months, or many months. No one knows.
Upon requirements from our investors, in these uncertain market conditions, we have had to greatly tighten our advancing requirements. Hopefully this crisis will be short-lived and we can return to normal business operations very soon.
It deeply pains us to say ‘no’ to our loyal customers – customers that have been working with us for many years. But there are just so many unknowns in the market right now.
If you are seeking a commission advance, please contact us for more details.
We say thank you to all of our doctors and nurses, truck drivers and grocers, small businesses and people practicing social distancing. You are all heroes.