How does Covid-19 impact and influence the mortgage and real estate markets?

• May 21, 2020

Covid-19 has had an enormous impact on the world. No sector has been spared and some have been hit harder than others. Many want to know about the impact Covid-19 has had on the mortgage and real estate markets.

Due to massive lockdowns, curfews and self-isolation, the economy has been seriously impacted. However, the virus has not severely impacted this particular market. Of course, the real estate market has seen a bit of a decrease, but it is still afloat because of the time needed to liquidate a property.

In addition, the Bank of Canada has cut rates twice to protect the economy, which makes it easier for clients to pay back what they owe and gives those who cannot pay an option to differ their mortgage payments for up to 6 months.

A lot more has been put in place to keep this sector safe. This sector may be lucky enough to come out unscathed.