bravo festival condos vaughan.Canadian real estate in the post-epidemic era. At a time when Canadian provinces are beginning to gradually restore the economy stranded by the epidemic, experts from Moody’s Analytics and CIBC banks have issued reports predicting that house prices in Canada will plunge by 5% to 10% this year, and the housing market in western Canada may be hit hard.Please Visit: bravo festival condos vaughan to Get Your VVIP Registration Today!
Canadian CIBC economists BenjaminTal and KatherineJudge believe that the impact of COVID-19 on Canadian house prices will not be fully apparent until 2021.
Home sales, prices and starts in Canada will plummet this year for at least a year, with the western provinces hardest hit, according to Moody.
The Canadian loan and housing company (CMHC) predicts that average house prices will fall by 9% and 18% over the next 12 months. Similarly, an assessment conducted earlier this month by DBRSMorningstar, the credit rating agency, predicted that house prices in the Vancouver area would fall by 10 to 15 per cent by 2022, even when the housing market is more stable. It will take some time for the economy to rebound, and so will the housing market.
In an effort to reduce borrowing costs, the Bank of Canada cut its benchmark interest rate to 0.25 per cent in March and the term mortgage rate below 3 per cent over the next five years.
This forecast has also brought many investors to a standstill. If you want to talk about which country in the world has the highest rate of return on home ownership, Canada must also be on the list.
There is even a saying in Canadian real estate agency circles that 40% of passengers on every flight from China to Canada buy a house. Canada and Australia have always been the most popular places for Chinese capital, and real estate has attracted a lot of money.
According to a comparative data from Better Dwelling, between January 2000 and March 2019, house prices in Vancouver grew 207 per cent faster than those in New York and 75 per cent faster than in Los Angeles. Over the past two decades, house prices in Vancouver have soared by 316%.
But the reality is that so far the prices of houses in Canada have remained very strong. According to the latest data and forecasts, the Canadian epidemic has indeed had an amazing destructive effect on some economic sectors, but does not include the real estate sector.
National home sales surged in June and prices rose steadily, according to data released by the Canadian Real Estate Association (CREA) in June. The volume of housing transactions increased by about 15.2 per cent, while the average real estate price rose 6.5 per cent from June 2019 to C $539000.
What is shocking is that real estate sales in June were not only 150% higher than in April, but also increased by 83.8% in the Greater Toronto area, 75.1% in Montreal and 60.3% in Greater Vancouver. Because many speculators did not receive much of the impact of the decline in workload, it actually contributed to a surge in home sales in June.
RishiSondhi, an economist at TD, points out that average home prices almost offset COVID- ‘s 19:00 loss in June, down just 0.5 per cent from February.