Sales have all but disappeared, but surprisingly prices remain steady. The Canadian Real Estate Association said today that home sales have fallen 56 percent from the May's levels. This makes April the worst month for home sales since 1984.
Home sales recorded over Canadian MLS® Systems dropped by a record 56.8% in April 2020 compared to an already weakened March, with a majority of sellers and buyers having seemingly moved off to the sidelines during the COVID-19 lockdown. - CREA
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According to a article at the CBC, As odd as it might be, banks and creditors are currently being patient with consumers loaded down by debit. The coronavirus pandemic has forced this uncharacteristic behavior on them as the world tries to survive. However, lawyers and insolvency trustees are expecting this unusual situation to end this fall, when many people will no longer be able maintain their debt.
"Insolvencies were on the rise before COVID-19 struck, and debt-to-income ratios of Canadians were near their peak," said Andre Bolduc, a board member of the Canadian Association of Insolvency and Restructuring Professionals.
This crushing debit will surely effect the Real Estate market when people can no longer afford their mortgages or be able to make a down payment.
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According to a article on the HuffPost, even after COVID-19 housing sales will remain flat and even fall due to the lack of Immigration to Canada.
According to Stephen Brown a economist at U.K.-based Capital Economics says Canada is “...extremely reliant on immigration”.
Demand is set to fall, and stay down “for years” because the country can expect a decline in immigration levels.
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According the the HUFFPOST, Vancouver home sales have hit a 38 year low, falling to 1982 levels. However, prices were slightly up. In Toronto, sales have fallen 67 percent. Prices have also fallen by 2.5 percent according to TRREB.
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Not a big surprise, considering the current CORVID-19 pandemic's effects on Canada overall, but CREA today announced that Canadian home sales and listings were down in March. Nationally, sales were down 14%. Properties coming to the market were down 12.5%.
"Transactions were down on a m-o-m basis in the vast majority of local markets in March. Among Canada's largest markets, sales declined in the Greater Toronto Area (GTA) (20.8%), Montreal (-13.3%), Greater Vancouver (-2.9%), The Fraser Valley (-13.6%), Calgary (-26.3%), Edmonton (-13.2%), Winnipeg (-7.3%), Hamilton-Burlington (-24.9%) and Ottawa (-7.9%). " - Canadian Real Estate Association
These numbers reflect the very beginning of the pandemic's effects on Canada. Read more here: Canadian home sales and listings down in March
If the market slowdown is making you consider your options as a Real Estate Professional, contact us to see how we can help!