Cielo condos floor plan. Canadian house prices fell by 25%. Under the impact of the epidemic, the Canadian housing market also ushered in a change, began to reshuffle. The housing market in big cities such as Vancouver and Toronto, which has always been valued by Chinese sellers, has seen a precipice drop in turnover since the outbreak.Please Visit: Cielo condos floor plan to Get Your VVIP Registration Today!
Some researchers predict that due to the uncertainties brought about by the COVID-19 epidemic, Chinese buyers may withdraw from the overseas real estate market in 2020!
According to the Canadian Housing Authority, house prices and sales will fall sharply this year and will not recover until the end of 2022.
The Canadian mortgage and housing company predicts the outlook for the housing market, hit by the economic impact of the epidemic (including the collapse in oil prices), and expects house prices to fall by 9% to 18% by mid-2021 and as much as 25% in oil-producing areas. Home sales will be 19% to 29% lower than they were before the outbreak, and will begin to pick up by the end of this year.
In addition, housing construction will also be affected. Compared with the level before the outbreak, housing starts are expected to decline by 50% and 75% this year, and will begin to rebound next year.
A new survey released by Cushman & Wakefield found that 48 per cent of Chinese investors planned to reduce their investment in international markets, including Canada, by 2020 because of the epidemic.
However, contrary to the Canadian Mortgage and Housing Corporation’s forecast, the BC Provincial Real Estate Association predicts that pent-up demand will rebound next summer if the outbreak does not last long.
A real estate company in Vancouver also said that their business had not changed much during the outbreak and that none of the team members had lost their jobs. Although business has declined since March, “in some market segments, we are entering a market where supply falls short of demand and demand is strong.”
In Canada, the real estate industry is one of the largest economic industries, accounting for 15% of economic output. The real estate industry was classified as basic services, and all related industries, such as real estate agents, law firms and moving companies, continued to operate during the epidemic.
In order to ensure economic stability and maintain the stability of inflation, the government provided varying degrees of economic assistance to individuals and enterprises facing difficulties during the epidemic, such as interest rate cuts by the central bank.
During the outbreak, some buyers may shelve their home purchase plans and fight for less housing. Some experts expect house prices to continue to fall in the coming months, and as unemployment rises, some people may have to sell and prices will be affected.
Some real estate agents say that the types of houses that are most likely to be sold are those with little stock and low prices. The market has picked up, and most of the prices are below C $1.2 million, with prices between 500000 and 700000 hot.