While future deals are being cancelled, ones that were in process as the virus started to make an impact are now in limbo. This presents a challenge for the market to protect these assets and the challenge of how finances surrounding present deals will be affected by coronavirus changes.

There will be many people who had sold their current house and were in the process of buying another when the lockdown was announced and businesses closed, and vice versa. Many buyers aren’t able to get into their new homes. Potential sellers are unable to hold viewings on their homes, delaying the process by many months.

This has created similar issues in the rental market. Not only have there been talks of and developments concerning freezing rent payments during the crisis as low paid or unpaid tenants deal with the fallout of rising unemployment, but there is the issue of people whose contracts have run out during the crisis and have been unable to secure new housing due to cancelled viewings.

This had lead to an increase in online services as estate agents who were in the position to move to an entirely remote setup thrive in a less crowded market. Companies throughout the process of purchasing a house have moved into this model such as online mortgage broker Breezeful. Likewise, many estate agents have been offering virtual viewings of a 3D mapped and controllable walkthrough of a property, thanks to scanning and display software from Matterport.

While no substitute to being inside a property, there were signs of the industry heading this way before the full impact of the virus became apparent, but its impact could increase their popularity and potentially the speed and processes of selling and buying a house, which could be essential to market recovery as we leave quarantine.

With some of the biggest banks in Canada offering homeowners the chance to defer mortgage payments for up to six months, there is already evidence of a significant response to the coronavirus’ impact on the housing market. While not forecast to be the disaster it has been to industries such as retail and the arts, we are yet to fully understand what it could mean for the finances and practices of the sector.

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