33 yorkville condos urbantoronto . How to go in the future of Canadian property market? Housing sales fell sharply at the same time, why can prices continue to be strong? And whether housing prices will rise or fall in the future?Please Visit: 33 yorkville condos urbantoronto to Get Your VVIP Registration Today!
Skylar Olsen, senior chief economist at Zillow Group, gave his explanation. While demand for housing has shrunk sharply, so has supply, which has helped keep housing prices at current levels, he said. In addition, many sellers also lack the incentive to reduce prices. They believe that once the blockade and restrictions are lifted, buyers will pour into the market, coupled with falling listings leading to supply shortages, there may also be a situation of house grabs.
Some people believe that once the market returns to normal trading, the current pent-up demand is likely to push up housing prices. Fannie Mae, for example, expects the median home price to rise slightly from the previous year in 2020.
However, capital market economists at Imperial Commercial Bank of Canada recently predicted that average housing prices in Canada will fall by 5% to 10% compared with 2019, in part because of the weak labor market. It is also expected that the decline will be most pronounced in high-priced houses that have previously risen too much. In addition, the Canadian Mortgage and Housing Corporation (CMHC) does not expect home prices to return to pre-epidemic levels until the end of 2022.
It is almost impossible to predict the future, and so is the housing market. If the government and companies join hands to restart the economy and revive the job market more quickly, the Canadian housing market may rebound more quickly. At present, governments at all levels in North America and Europe are actively promoting economic restart programs, reopening retail, schools and so on. It is likely to become the next “new normal” to fight the epidemic on the one hand and restart the economy on the other. If the economy gradually returns to normal, Canadian property market sales may gradually pick up and housing prices will rise slightly.
