75 curlew urban towns . Canadian property prices have fallen this year. Affected by the COVID-19 epidemic and the high unemployment rate, the decline in property demand will cause national property prices to fall by as much as 8% in 2020 and another 1.2% in 2021.Please Visit: 75 curlew urban towns to Get Your VVIP Registration Today!
According to a Reuters survey of economic analysts, in the worst-case scenario, Canadian property prices will fall by 8% in 2020 and another 1.2% in 2021, reversing the same type of survey in March, showing that Canadian property prices will rise by 3.5% in 2021.
According to the survey, more than three-quarters of the analysts interviewed indicated that property demand in Canada is expected to decline in 2020, with property demand in Toronto and Vancouver also affected.
According to the survey, analysts now expect property prices in Toronto to rise by 3% in 2020, but lower than the 6.4% increase predicted in a similar survey conducted in March. In addition, analysts also predict that property prices in Toronto will fall by 3.1% in 2021, reversing the 5% growth forecast in March.
In Vancouver, analysts expect property prices to fall 1.8% in 2020, compared with 2.4% in the March survey.
A total of 17 economic analysts interviewed by Reuters, 12 of them said that the Canadian housing market will gradually improve, 3 people said that the housing market recovery will be quite long, the remaining 2 people said that the Canadian housing market has recovered.
Analysts generally agree that high unemployment is the biggest obstacle to the housing market in 2021, followed by immigration, household debt levels, mortgage affordability and stricter mortgage terms.
Sebastien Lavoie, chief economic analyst for the securities department of Longshun Bank, said two-thirds of the current unemployed are expected to get back to work by the end of 2020. He said that the future of the labor market is uncertain and will delay the entry of prospective buyers.
