M2m condos toronto . House prices in Canada skyrocketed by 14%! CMHC, the federal housing regulator, warned that if the novel coronavirus epidemic continues to drag down GDP growth, Canadian household debt levels will hit a record, and Canadian house prices will fall 9% to 18% in the next 12 months.Please Visit: M2m condos toronto to Get Your VVIP Registration Today!
Now, two months later, the epidemic has indeed dragged down GDP growth, and Canadian household debt levels have almost reached a record, but the Canadian housing market is strange. Instead of falling by 9% to 18%, prices are rising hula-hula: 14% in July from a year earlier.
The author of the article quips that it turns out that it may take more than just epidemics to make Canada’s real estate market stagnant.
Although novel coronavirus keeps people at home and prevents many from working, some Canadians have been patiently waiting for prices to fall before buying homes, but unfortunately their hopes have been dashed.
A total of 62355 homes changed hands nationwide in July, according to data released last week by the Canadian Real Estate Association (CREA). Although trading volumes fell sharply in March and April as a result of the epidemic, the market has since soared to new heights: breaking an all-time record for July sales.
“recall that before the economic blockade, we were entering the most tense spring market in nearly 20 years,” Shaun Cathcart, senior economist at CREA, wrote in a press release. In the end, the market we are seeing now is almost the same as when we entered in March. ”
The economist said the market has rebounded quickly and strongly over the past three months, with sales in July almost three times as high as in April. Although it peaked in a typical year, usually around May or June, the pandemic delayed the entire schedule.
Cathcart also wrote: “A large part of the trading we are seeing now is actually a rebound in trading activity that would have taken place earlier this year.”
In terms of house prices, the average price of a house sold in July rose by more than 14% compared with the same period last year. CREA said the figure was largely affected by rising prices in Toronto and Vancouver.