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How real estate and construction can overcome COVID-19


With the world shifting to a new state of risk awareness, real estate and construction companies will need a rapid recovery strategy to become more resilient in the post-COVID world. We share five actionable steps that building owners, operators and contractors can take today to prepare for the new normal. 

Read our infographic to find out how.

5 tips to help real estate & construction companies recover from COVID-19

Here are five rapid recovery tips that real estate and construction companies can use to hit the ground running after COVID-19.

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1. Take advantage of government incentive programs

  • Get government guidance and relief from current major federal/provincial programs, so you have the cash flow to support your business. 
  • Work with BDO to ensure you apply for the correct programs and complete the applications accurately.

2. Review tax and cash flow considerations 

  • Contact BDO Tax teams to get advice on calculating covenants, review cash flow models, and advise on calculations.
  • Consider specific tax ideas such as estate refreeze/thaw, and family trust restructuring.

3. Implement or revise crisis management plan

  • Many real estate and construction companies that closed during the pandemic did not have a crisis management plan. Don’t let this be you!
  • Work with BDO to ensure strategies are put in place to manage future crises proactively.

4. Conduct a business continuity risk assessment

  • Take inventory of contracts (suppliers and customers), review terms and conditions, understand contractual obligations and contractual risks.
  • Review insurance policies, maintain accurate records, and document impact.
  • Mitigate risks to companies. 
  • Work with the BDO Risk Advisory team to ensure all potential exposed risks are being accounted for. 

5. Identify digital opportunities 

  • Build capacity to respond to new ways of operating.
  • Achieve profitability and stabilization objectives.
  • Address operational inefficiencies and cost constraints.
  • Save time, money, and effort by taking a systematic approach to digital initiatives.

How BDO can help

Talk to a BDO advisor today to address all your real estate and construction recovery needs. We can also assist with risk advisory, Canadian tax, digital strategy, forensic accounting and outsourcing. 

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