Member Update May 15, 2020
Wage subsidy program extended through August, adjustments may be coming
The federal government intends to extend the Canadian Emergency Wage Subsidy (CEWS) program through to August 29 and is working with industry leaders to make potential adjustments.
Finance Minister Bill Morneau specifically cited the 30 per cent revenue decline threshold as one of the key pieces of CEWS that they’ll be discussing during the consultation period.
Changes to the program will focus on maximizing employment, ensuring the CEWS reflects the immediate needs of businesses, and supporting the post-crisis economic recovery, according to Morneau.
The CEWS program subsidizes up to 75 per cent of wages on the first $58,700 of an employee’s salary for up to three months.
We’ll keep you updated as more information becomes available.
WorkSafeBC releases new real estate and office safety guidelines
WorkSafeBC released re-opening guidelines that cover the protocols required to re-open businesses, including specific guides for office workplaces and the real estate industry.
They’ve also released a template for a re-opening safety plan.
REBGV resources
Your Board has created a checklist for real estate offices to be used in conjunction with WorkSafeBC’s guides.
Click here to read the checklist.
Fill out the BCCDC’s COVID-19 survey
The BC Centre for Disease Control (BCCDC) is asking BC residents for feedback on how COVID-19 is affecting their lives.
This survey will give provincial health officials valuable information that will help them shape future policies around the pandemic.
You can take the BCCDC COVID-19 survey online or over the phone by calling 1-833-707-1900.
New video resource explains the CPS for your clients
The BC Real Estate Association created a video to help your clients better understand the Contract of Purchase and Sale (CPS).
The video addresses common questions your client might have, such as:
- When is the CPS used?
- What information does the CPS include?
- What do certain terms in the CPS mean?
- And more.
Click here to watch the video and share it with your clients.
Use the feature search to find foreclosures on Paragon
Paragon’s feature search is a great way to find properties with specific features. You can even use the feature search to identify foreclosures.
Click here for a guide on using Paragon’s feature search. The guide includes a list of some of the most commonly searched-for features.
Read Colette Gerber’s interview in the Georgia Straight
REBGV Chair Colette Gerber recently discussed the current state of the market with the Georgia Straight as the province prepares to re-open the economy next week.
Colette talks about how REALTORS® are adopting new technology and techniques to help their clients meet their housing needs during the pandemic, and when open houses may be able to resume.
Click here to read the article.
Bank of Canada report looks at the economic impact of COVID-19
The Bank of Canada’s latest report takes a deeper look at the impact COVID-19 is having on the Canadian financial system, including the housing market.
“Income uncertainty and physical distancing have led to considerably slower activity in housing markets, with sales and listings both down sharply,” the report states. “Reduced liquidity in the housing market could add pressure to household finances since households may find it increasingly difficult to sell their homes. Most households now expect house prices to decline over the next 6 to 12 months.”
Click here to read the full report.