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As unemployment dampens the hot real estate market, home prices could drop 7% across Canada forecasts Moody's Analytics, Inc. Oversupply and affordability issues combined with the poor condition of the labour market will lead to the decline.
If a COVID-19 vaccine comes out, it is possible that home prices will bounce back in 2022, the report suggests.
If a market slowdown won't help your income and you are considering your options, contact us to see how we can help!
According to the Swiss Bank, Toronto has the 3rd largest housing bubble in the world, beating out Vancouver, New York, Hong Kong and San Francisco. Placing 3rd in the Bank's score of world cities, only Munich and Frankfurt scored higher. This is the third year for Toronto to be in a housing bubble. The current high prices combined with the strong Canadian dollar could cause problems once the pandemic restrictions are lifted.
If a bubble bursting isn't in your plans and you are considering your options, contact us to see how we can help!
"The housing outlook is subject to unprecedented uncertainty due to the pandemic." according to the CMHC in it's newly released special report. The Canada Mortgage and Housing Corporation says that large declines in all aspects of Housing sales, including new Construction will continue throughout this year and on until 2022. Although the current selling price is still consistent with past sales, this is unlikely to continue. Prices are likely to decline up to 18 percent in parts of the country.
If a two-year market slowdown is making you consider your options as a Real Estate Professional, contact us to see how we can help!
Housing market recovery from COVID-19 crisis will be uneven across the country according to Canada Mortgage and Housing Corporation's latest Housing Market Outlook. This report focuses exclusively on urban areas, says "The housing outlook is subject to unprecedented uncertainty due to the pandemic."
The CMHC said a combination of factors related to the pandemic will slow housing starts and push sales and home prices below pre-COVID levels. The housing market likely won't see a return to pre-pandemic levels before the end of 2022.
If a two-year market slowdown is making you consider your options as a Real Estate Professional, contact us to see how we can help!
The CMHC sees house prices in Canada falling between 9 per cent and 18 per cent over the next 12 months. Evan Siddall, CEO of the Canada Mortgage and Housing Corp relayed this fact to the members of the House of Commons finance committee today. The CMHC predicts that the ratio of household debt to disposable income will rise to well over 200%.
“The resulting combination of higher mortgage debt, declining house prices and increased unemployment is cause for concern for Canada’s long term financial stability.”
If a crashing market isn't helping your income and you are considering your options, contact us to see how we can help!