33 yorkville condos . How long can the Canadian housing market last? The recent blowout in Greater Windsor and other major Canadian property markets seems to run counter to many predictions since the outbreak that “the end of the world is coming”.Please Visit: 33 yorkville condos to Get Your VVIP Registration Today!
The latest report from CMHC (Canada Mortgage and Housing Corporation) shows that real estate transactions and prices in Dawen and other major cities have exceeded expectations. However, with the increase in the debt of low-and middle-income households and changes in business operations in the wake of the epidemic, the sustainability of all this is in doubt.
Aled ab Iorwerth, deputy chief economist of CMHC, said the housing market began to rebound in the third quarter of 2020 and continued until 2021 and remained strong.
He points out that many Canadians have gradually adapted to life under the epidemic in a variety of ways, such as working remotely from home. But most of these people come from high-income families. Because of the current low interest rates and the reduction in other consumption during the epidemic, they can afford to spend more money on housing.
In addition, ab Iorwerth said that many people prefer to sell homes in urban areas and focus on buying larger properties in the suburbs, which is also a big incentive for house prices to rise.
“it has been observed that the problem is not only that more and more people are moving from the city to the suburbs, but that these people also tend to move from urban apartments to detached houses in the suburbs.”
Ab Iorwerth believes that most of the demand for housing is at the high end of the market, and low-income people are actually hardest hit by the epidemic.