33 yorkville condos address . Both volume and price of Canadian property market fell. 1/3 of 2020 has passed unwittingly, and looking back on the first four months of 2020, there is not much good news around the world.Please Visit: 33 yorkville condos address to Get Your VVIP Registration Today!
On April 17th, China’s National Bureau of Statistics announced that GDP fell 6.8% in the first quarter of this year compared with the same period last year. This is also the first time that China’s economy has experienced quarterly negative growth since the reform and opening up. This situation is also affecting developed countries such as the United States and Canada.
According to the International Monetary Fund, Canada’s GDP will fall by 6.2% in 2020. In other words, all the growth efforts made in previous years have been done in vain because of the COVID-19 epidemic.
At present, more and more people in Canada are applying for relief funds, and job opportunities are gradually decreasing as a result of the COVID-19 crisis. These factors have brought a big shadow to the Canadian property market. The sharp rise in house prices at the beginning of the year came to an abrupt end, with volume and prices falling in many cities. Is this the best time for Chinese who are keen to buy real estate?
According to BNN, a Canadian financial media, housing transactions in Toronto fell 69 per cent in April compared with the same period last year. In terms of transaction prices, home prices fell 12% in April compared with March data. Among other cities focused by investors, Ottawa’s rally has also begun to slow due to the impact of COVID-19, with home sales falling 70 per cent in mid-April. A similar situation has happened in Montreal, Canada’s second largest city.
Resale of homes is likely to fall 30 per cent to a 20-year low this year as social segregation limits sales and the recession weakens consumers’ purchasing power and deters investors, according to Robert Hogue, a bank analyst.