M2m condos buzzbuzz . The epidemic led to a sharp fall in the Canadian property market in March. The Canadian Real Estate Association (CREA) released a report on Wednesday (April 15) that home sales in Canada fell sharply in March due to the spread of novel coronavirus (COVID-19).Please Visit: M2m condos buzzbuzz to Get Your VVIP Registration Today!
On a seasonally adjusted basis, home sales fell 14.3% last month compared with February, marking a sudden drop in what was supposed to be a busy spring.
The decline in sales activity varies from region to region, with Calgary down 26.3 per cent, the Greater Toronto area 20.8 per cent, the Fraser Valley 13.6 per cent, Edmonton 13.2 per cent, Ottawa 7.9 per cent and the greater warm region 2.9 per cent.
In March, the average selling price of houses across the country was slightly more than 540000 yuan, up 12.5% from a year earlier, while the composite price index rose 6.9% from a year earlier. Excluding Greater Toronto and Greater Windsor, the two most active and expensive real estate markets in Canada, the average price is about C $410000.
In order to slow the spread of the virus, restrictions on social alienation and closure of non-essential businesses began in mid-March. Although real estate agents are designated as essential services, the Real Estate Board has urged increasingly stringent measures to avoid face-to-face activities as much as possible.
“it will leave a deep impression on the earth in March 2020,” Jason Stephen (Jason Stephen), president of the association, said in a statement. “after Friday, March 13, the market began to turn,” he said. ”
The whole industry has suddenly fallen into an unprecedented trough, and it seems an indisputable fact that almost all real estate agents are now unemployed.
Home sales in March were still up 7.8 per cent compared with March, when the property market was weak in 2019, but the CREA noted that this figure was in sharp contrast to the nearly 30 per cent year-on-year increase in February.