For those transacting in the Ontario real estate market right now, you may be wondering what’s allowed and more importantly, what’s not allowed, under the new “stay-at-home” order that took effect this morning. To help clarify things from a real estate perspective, here’s what homebuyers and sellers need to know.
Why were new rules imposed?
The new rules aim to reduce mobility and curb the spread of COVID-19. As the number of positive cases continues to rise in Ontario, Premier Doug Ford declared a second State of Emergency in the province earlier this week, imposing tighter restrictions on businesses and gatherings, a “stay-at-home order,” and enhanced enforcement measures. The move was prompted by new modelling data released by Ontario’s COVID-19 advisory panel, which came with a dire warning: “Without significant reductions in contacts, the health system will be overwhelmed and mortality will exceed the first wave totals before a vaccine has time to take effect.”
The new measures are in effect for all of Ontario and are expected to remain in place until at least Thursday, February 11, 2021.
What’s the impact on real estate activity?
There were no significant changes from a home-buying or selling perspective. However, the State of Emergency does mean the following two changes related to real estate:
1. Short-term rentals for recreational purposes are off the table as of January 12, 2021. Bookings made before January 12 are allowed to proceed.
2. Renovations started before January 12 can proceed, but if the shovels are not in the ground yet, your reno project will have to wait.
Updated 1997 days ago