Cielo condos floor plan . Retaliatory consumption OR reversal. Statistics Canada released retail data for June on August 21 local time, which showed a V-shaped reversal. The retail data for June was not only 23% higher than in May, but also higher than 1.3% in February before the pandemic and 3.8% higher than in the same period last year.Please Visit: Cielo condos floor plan to Get Your VVIP Registration Today!
Sales in all types of stores rose in June, with cars and clothing rebounding most strongly.
Since the March pandemic, COVID-19 has severely damaged the Canadian economy. In order to contain the spread of the virus, Canada announced the closure of retail stores for more than two months.
In the early days of the pandemic, only sales of necessities such as food and medical products remained stable, while others were hit hard. From February to April, Canadian retail sales fell by about 1/3.
As the epidemic improved, Canada began to restart its economy at the end of April and early May, and the retail industry was the first to slowly recover in May.
There was a V-shaped reversal in June, with retaliatory consumption in non-essential industries that were forced to close during the pandemic, with clothing being the most striking.
In addition, e-commerce continued to perform well, with online sales reaching C $3.2 billion in June, an increase of 70 per cent over the same period last year.
Sales in every province of Canada have increased, and are now 3.8% higher than a year ago in June 2019.
Ontario was the strongest, with retail sales surging 33.8 per cent in June, well above the national average of 23.7 per cent, followed by Quebec by 23.5 per cent and Afghanistan by 19.7 per cent.
The fire in the Canadian housing market in July broke a number of records and dumbfounded many people who were waiting for the collapse after the epidemic. Not only is trading volume the highest in the past 40 years, but prices have also risen a lot over the same period.
Statistics show that home prices in Canada rose 7.4% in July, the biggest monthly increase since 2017. The average house price in Canada in July was $571 million, an increase of 14.3% over the same period of one year.
The latest economic forecast from the Royal Bank of Canada RBC suggests that house prices in Canada will rise in the near future.
RBC’s economic analysis report bluntly pointed out: there is no sign that house prices will fall in the near future. RBC economist Robert Hogue pointed out in the analysis that the collapse in the real estate market in April did not destroy the Canadian spring real estate market, but only caused delays.
Since May this year, the real estate market began to show signs of rebound, accelerated in June, and then showed a more violent rebound and growth in July. Hogue believes that this trend will continue in August and September.
A total of 8166 homes were sold in BC province in June. This figure has soared by 81% compared with May, and by 16.9% compared with June 2019, before the outbreak. Not only are sales up, but the average price of a house in BC province is also up. The average price of a house in BC province was C $748155 in June, up 9.1% from the same month last year.
There are many reasons for the current rebound in volume and prices in the Canadian property market, such as the direct payment of emergency benefits ($2000 per worker per month last year), which makes household income much better than it has shown in the job market.
Not only that, recent Canadian mortgage rates are particularly low, which also makes the housing market more affordable. Hogue said that the supply shortage in the real estate resale market is likely to further accelerate the rise in house prices.