(Cam Lee/northeastNOW Staff)

By Mat Barrett

Saskatchewan Real Estate

Saskatchewan realtors adjusting during COVID-19 pandemic, impact expected soon

Mar 25, 2020 | 5:00 PM

The impact of the COVID-19 pandemic hasn’t been felt in the Saskatchewan real estate market… yet.

“We’re not that far behind where we were at this point in March last year, and year to date,” Jason Yochim, CEO of the Saskatchewan Realtors’ Association, said. “So, I think we will see a little bit more impact as we move into April.”

Yochim said while there is likely to be a dip in sales, he’s optimistic.

“I think it’s realistic to expect that we will see some impact in April and possibly May,” he said. “But time will tell because offsetting that is, we’re getting into the spring market, and if our members can utilize technology like virtual tours, and other things to help buyers see homes and minimize risk of contamination, then hopefully that will be enough to sustain it.”

Yochim said many realtors are working and hosting meetings remotely.

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Recently, the association called for its members to stop having open houses to help prevent the spread of COVID-19. Yochim said they felt it is a necessary precaution, but hopes realtors and brokerages are able to use technology and that buyers and sellers can do the same.

Realtors are lobbying the government right now to help with possibly eliminating the in-person aspect of signing documents, hoping that could help the market during this time, he said.

Looking forward, once the COVID-19 pandemic passes, or slows down, Yochim said it’s likely there could be increases in the real estate market.

“In the marketplace there’s a certain amount of transactions that happen every year,” Yochim told northeastNOW. “If they’re delayed because of what we’re dealing with right now for a couple of months, we could definitely anticipate them picking up and making up for those lost sales later in the year.”

Yochim added this also gives brokerages in the province and realtors a chance to adjust their best practices, even outside of the current pandemic.

“This is a good wakeup call if we’ve been relaxed in some of those things,” he said citing bringing children into open houses as an example.

While Yochim said they’re expecting an impact in the market in the coming months, the main thing they want to make sure is that people have roofs over their head, either with rentals or new homes.

“Without a house or a roof over your head, it’s a little hard to do the other basic things in life that you need to do,” he said.

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mat.barrett@jpbg.ca

On Twitter: @matbarrett6