How You Can Make The Most Out Of The Economy Re-Opening

With the Canadian economy re-opening after COVID-19, and public health measures being relaxed, we are finally starting to feel semi-normal again. We have begun thinking optimistically about what summer has in store for us. Everyone is happy to be setting the country on a path back to having lunch on patios and shopping for things we don’t necessarily need, but we want. It is time to treat yourself for living in isolation this long.

As for Alberta, we weren’t hit as hard as other provinces such as Ontario and Quebec and are starting to enjoy life’s little luxuries outside of our homes. Since Stage 1 of re-opening is long underway and Stage 2 launched on June 12th, this increased mobility rate will help boost our economy greatly.

ECONOMIC GROWTH AFTER COVID-19

As more and more people feel safe and are allowed to open their business and venture outside the expectation is it will have a positive effect on the economy. More people will be letting loose and buying more, putting money back into the province. The longer the shock of no economic turnover, the higher risk we will have of consumer insolvencies.

With Stage 2 now underway, the Alberta Government has allowed more businesses and services to re-open. Though physical distancing requirements and some restrictions are still in place.

STAGE 2 – WHAT CAN RE-OPEN WITH RESTRICTIONS?

• K-12 Schools, For Requested Diploma Exams & Summer School, Following Guidance
• Libraries
• More Surgeries
• Wellness Services; Massage, Acupuncture & Reflexology
• Personal Services (Esthetics, Cosmetics Skin And Body Treatments, Manicures, Pedicures, Waxing, Facial Treatments, Artificial Tanning)
• Movie Theatres & Theatres
• Community Halls
• Team Sports
• Indoor Recreation, Fitness & Sports, Including Gyms & Arenas
• Pools For Leisure Swimming
• VLTs In Restaurants & Bars
• Bingo Halls & Casinos (But No Table Games)
• Instrumental Concerts
• Provincial Campgrounds At Full Capacity

STAGE 2 EVENTS & GATHERINGS CAN BE LARGER

• 50 People Maximum: Indoor Social Gatherings, Including Wedding & Funeral Receptions, & Birthday Parties
• 100 People Maximum: Outdoor Events & Indoor Seated/Audience Events, Including Wedding & Funeral Ceremonies
• No Cap On The Number Of People (With Public Health Measures In Place):
• Worship Gatherings
• Restaurant, Cafes, Lounges & Bars
• Casinos
• Bingo Halls
• More Flexibility For ‘Cohort’ Groups – Small Groups Of People Whose Members Do Not Always Keep 2 Metres Apart:
• Households Can Increase Their Close Interactions With Other Households To A Maximum Of 15 People
• Performers Can Have A Cohort Of Up To 50 People (Cast Members Or Performers)
• Sports Teams Can Play In Region-Only Cohorts Of Up To 50 Players (Mini-Leagues)
• People Can Be Part Of A Sports/Performing Cohort & A Household Cohort At The Same Time

For all of this information and more, go to Alberta.ca/alberta-relaunch-strategy.

ECONOMIC STRENGTH

Our economy was strong before we entered into this pandemic, and we saw how resilient it was. However, we know the shutdown can’t last forever. Therefore, making gradual economic steps towards re-opening, as we are currently doing is crucial to the health of the Canadian economy’s financial foundation.

Though Calgary’s market will pick up quickly in the beginning, with people excited to finally leave their homes. It will take some time for society to fully stabilize.

INVESTMENT PURCHASES TO COME

However, once things start to stabilize, you’ll see that more people will begin investing in larger purchases, such as cars and property.

The housing market may have been tricky to navigate during the global pandemic. But with the economy re-opening, the housing market gearing up, and mortgage rates not rising, it is an excellent opportunity for people to finally get their foot in the door for owning a home. Plus, lingering home listings that weren’t being picked up during the pandemic will have a better opportunity to be purchased.

If you are looking into purchasing a home, The Mortgage Group Calgary is committed to providing you with the best home buying experience. We know buying a home is a big deal, especially after a global pandemic. After all that, getting a home loan shouldn’t be a hassle. At The Mortgage Group, our Calgary mortgage brokers are here to help you get your foot in the door to your brand new home.