Almost Six Months Since the Pandemic Started: Where Are We Now?

COVID-19 has had a massive impact on all our lives. Livelihoods, schooling, and even basic interactions have all had to drastically change in the wake of this devastating pandemic. Here’s how Albertans are staying strong and pushing through despite these tumultuous times.

Slowly Shifting Back into Drive

The Albertan Government implemented stage two of their plan to reopen the economy on June 12. While it remains uncertain if a second wave will hit, businesses are ever so cautiously opening back up to the public. As a result of this, Albertans are slowly getting their jobs back. Even grade schools are scheduled to start up again in September. For many, this relaunch signals a gradual return to normalcy.

Mortgage Deferral Program

With the recognition that many homeowners are still out of work, on government assistance, or generally dealing with new financial challenges, Canadian banks have extended the deadline for the mortgage deferral program. Now homeowners can apply up until September 30. Keep in mind, however, that this program requires borrowers to make up the missed payments after the deferral period is over, inclusive of the accumulated interest. Because of this, deferrals should be made as a last resort.

Calgary Housing Market

Most experts predicted bad news for the housing market, but June brought a 63% increase in house sales. Industry insiders suggest this may be a result of buyers making up for lost time. March through April was a time where the uncertainty of COVID had many prospective buyers holding their breath. It could also be the result of lower prices. Now that buyers feel more comfortable shopping the market and have a wide selection of properties to choose from, it opens them up to more opportunity. That being said, only time will tell how the housing market will recover in the long term.

This pandemic has forced us all to get creative and adjust to new norms in an incredibly short period of time. It has been six months since the virus showed up in our country, and it’s likely not going to disappear anytime soon. What this time has taught us, however, is that Albertans are resilient, hardworking, and innovative. Together we will get through this. For prospective homebuyers who are looking for proper financing and support, we can help. Call us today.