| The Real Estate Market

To help slow the spread of COVID-19, Ontario Premier Doug Ford has ordered the closure of all non-essential construction sites across the province. The order is set to last 14 days and will impact many residential and industrial projects.

Here is what you need to know:

Developments With Permits Will Continue

Residential projects that are near completion or have already been issued permits are considered essential and can continue construction. This includes projects where:

  • A footing permit has been granted (for single-family homes, semi-detached homes, and townhomes).
  • An above-grade structural permit has been granted (for condominiums, mix-used, and other buildings).
  • Sites where construction or renovation work was started before April 4th, 2020.

Additional Exceptions

Outside of residential real estate, construction work associated with the healthcare sector and critical provincial infrastructure (transit, transportation, energy, and justice) is allowed.

What’s On Pause

No new residential construction can begin in the province. If you purchased a home or condo in pre-construction, you may face delays in occupancy dates or closing — or, unfortunately, a cancelled project, depending on the builder and circumstance.

Thinking of Buying Pre-Construction?

There are a number of considerations you should make if you are planning on buying pre-construction at this time.

If you can be flexible in terms of timeline, and aren’t looking to move into your unit by a specific date, pre-construction can still work for you. But be aware that the project schedule is likely to change.

If there is a specific development you are planning to purchase a unit in, inquire about when they received their permits. If their permits have already been granted, or if they began construction work before April 4th, 2020, construction can continue and you are more likely to remain on track with your timeline.

Need help navigating the current real estate market? We’re here to help. Contact us today by calling 1-844-484-SOLD or emailing us at info@stjeanrealty.com.

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