Vaughan festival condo. 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: Vaughan festival condo 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.
According to the latest Toronto Real Estate Bureau report, a total of 1412 detached houses were sold in the MLS system in April, including 324 semi-detached homes, 532 townhouses and 667 apartments, with an average selling price of C $821392, although housing transactions fell 67% from a year earlier, but the average selling price was C $821392. It can be seen that it still shows an upward trend, even if the increase is very small, only 0.1%, but the overall stability.
Looking at the April sales figures released by the Dawendi production Bureau, a total of 1109 homes were sold in the Dawen area, including 388 detached houses, 218 city houses and 503 apartments. It decreased by 39.4% from April last year and 56.1% from March this year.
The latest property report in the greater Montreal area in April showed that 1890 homes were sold, a historic decrease of 68 per cent compared with April last year. This is the first decline in real estate sales in greater Montreal after 61 months of growth. However, although sales want to decline, sales prices are still rising steadily, rising by as much as 12%, which is quite gratifying.
In response to the decline in sales, professionals in the real estate industry said that “active city closures make it impossible for people to get out of the house, let alone buy a house.”
But house prices continue to rise because the increase is determined by the relationship between home sales and the number of houses listed on the market. Although the outbreak has changed market conditions and led to a decline in average selling prices from their peak in March, there are still many active buyers trading under a limited supply of housing, making prices basically in line with last year’s levels, or even rising slightly. ”
Obviously, everyone knows that the most expensive houses in Canada are in Toronto and Vancouver. The average house price of a detached house in the first tier is C $1.5 million to C $2 million, followed by major urban areas such as Hamilton, Ottawa and Calgary, which are generally available for C $30 to C $500000.
But in the first echelon, house prices are also different in different regions. Take the Greater Windsor area, for example, there are 2 million detached houses in Vancouver, more expensive in the West, slightly lower in the East, C $1.5 million in Richmond and Bennabi, and C $1.2 million in Gao Guilin and Suri.
The average house price in Canada is $494978, which is often the most affordable in the eastern and prairie provinces. Vancouver and the west coast of BC province have the mildest climate, so it is reasonable to call them the highest house prices in Canada.
In the early and peak period of COVID-19 popularity, many sellers chose to withdraw from the market because of the fall in prices, hoping to wait until prices rebounded before listing for sale. Natural buyers are also drifting out of the housing market. However, home sales and new home shelves are on the rise, and housing activity in the market is starting to restart.
If the new immigrants have been granted permanent residence status and their families have more money.
