As I write this post Ontario and much of North America is in lockdown-mode battling COVID-19's aggresive spread. There has never been a similar world-wide pandemic of this scale in modern times. Our priorites are being reassessed, our habits, our families, our schools.
Real Estate services were designated as part of Ontario's 'essential services' list. This isn't because realtors are as important as front-line workers (like doctors, nurses, medics,) in this pandemic, but because real estate transactions are very important to keeping our existing system of housing and economics moving. I play a role in keeping my client's housed, and their purchases/sales moving forward. Same with real estate lawyers, lenders, land registry office, etc.
If homes sales and leasing ceases or is paused for long, we'll end up with many more people without homes, worse economic situations for people who need to sell, and a cascading effect on banking---specifically lending.