The Canadian federal government, as well as provincial governments, have designated certain services and industries as being essential. One of these industries is financial services.
Financial institutions are offering alternate payment arrangements to mortgage and loan borrowers in order to ease their debt-service burden during the pandemic, the Appraisal Institute of Canada (AIC) said in a release. Faced with financial hardship due to work disruption, some Canadians may be forced to tap into the equity of their homes in order to make ends meet. Some Canadians were also in the process of selling or purchasing a home – a process which cannot be interrupted, the AIC stated.
As part of the financial services value chain, AIC designated appraisers have been working, uninterrupted while taking the appropriate safety precautions throughout the pandemic, to ensure that Canadians can access the financial resources they need to weather this unprecedented period. Appraisers have had to modify their behavior and practices to maintain physical and social distancing guidelines, but appraisers from coast to coast continue to provide high-quality, professional services that allow the mechanisms of finance for commercial and residential real property to serve the needs of all Canadians during a difficult time, the release stated. Technology and other measures have allowed AIC members to provide services to their clients while minimizing inter-personal contact.
“On behalf the Appraisal Institute of Canada’s nearly 5,500 members, I wish all Canadians a speedy resolution to the challenge at hand and remind Canadians that AIC-designated appraisers are here to assist in any way we can,” AIC President Thomas Fox said.