I've read a couple of times here that real estate sales should be stopped.
I don't get that, and the ramifications are huge.
If you bought a house, with a plan to put yours on the market, and you can't...or you bought a house, then put your house on the market and you can't, there would be a cascade of real estate deals collapse. People would lose their deposits. Timelines for moves would be disrupted. For those who are building, they would still get their house, and also be stuck with their old house.
The sales are really low risk here. What is the concern that I am missing
Well, from what I see, many of the sales are being fueled by Toronto buyers and those buyers are now buying homes further west and of course driving home prices through the roof right across ontario. (but that's another problem) The point is that you have people travelling out of the hot zones of Toronto, Mississauga, Hamilton, the Golden Horseshoe and walking into peoples houses. I have personally watched houses down my street being shown to groups of people that came in the same car and all walked through the house at the same time with the agent and others who bring in only one at a time.....but despite all of this it still produces a steady stream of buyers going through the houses in many small towns (my town is a population of 40,000) with many buyers from the hot zone areas. Some agents insist they don't touch anything and wipe down surfaces afterward, good for them....but the reality is this virus is airborne and no agent can "scrub" the air clean. No buyer has to prove they don't have Covid other than being asked the usual questions of whether they've travelled out of Canada, have a cough, fever, etc...and if they are asymptomatic carriers how would anyone know including themselves? I'm sure they use bathrooms in MacDonalds or Tim Hortons while they're here. Is this an essential activity in the time of Covid? Well economically yes, because Real Estate is one of the main drivers of the Canadian economy if not THE main driver and there is a trickle down effect for other industries. Is there a domino effect when one person sells, thus creating a chain of sellers and buyers? Absolutely! But that chain can be stopped at the source by restricting listings as essential only......and essential wouldn't be just wanting an extra room to create an office.....it's not a dire situation, it's a luxury or a want. Also I worked in real estate for 14 years and everyone in that chain can move their move in dates back to meet with the 6 week shutdown....it's not impossible.
Basically you have a steady stream of unknown sources of Covid entering towns and while the numbers may seem small, exponentially they create their own little "hot spots" that are potentially bringing viruses into peoples homes and retail. I doubt many people would openly invite a person from a Toronto hotspot into their home if they were not selling their house because they would know the risk involved.
I am not totally unsympathetic to the housing situation...my daughter currently listed her house last week...she's had 23 showings and 90% were Toronto buyers. It's also a town of 38,000. Offers will be presented today and they are building a house to be completed in November. Could they have listed their house 4 weeks later? I think so, but they are typical of the mindset that's happening today....list or buy before the market shifts, and no one knows whether that will or will not happen.
Is this the main driver of Covid IMO, probably not....is it one of them, I honestly don't know because it's not being tracked, but based on the transmission of the virus, how could it not be?