Is the Canadian real estate market heading to crash due to COVID-19?
This is the question asked by RE / MAX, the Canadian real estate company, in the media statement last week.
According to the RE / MAX, the effect of the coronavirus novel on the global economy has so far been “only mild”, although the stock market has fallen sharply.
“Until now, the housing market in Canada has not shown signs of following the same path the stock market is following,” said RE / MAX in a press release issued on April 7.
The company indicated that plans to purchase a home among Canadian youth have been suspended.
“For those who have the money, real estate has never seemed more attractive,” according to RE / MAX.
With the stock market in uncertain circumstances, the company said, “people who are looking for a healthier area to invest their money are now turning to Canadian real estate.”
“As a result, during the month of March, the volume of first-class real estate (home sales of over $ 1 million) sold in Montreal, Toronto and Vancouver jumped,” RE / MAX reported.
According to the company, if this trend continues, a “major cooling” of the spring market will be prevented.
Turning to the real estate bubble topic, RE / MAX said that this condition is “driven by higher demand, significantly higher prices, less supply, and unsustainable spending”.
According to the RE / MAX, “In order for it to explode, or for the real estate market to collapse, there must be stagnant demand, as supplies flow, leading to a sharp drop in prices.”
According to RE / MAX, based on past events and current factors, Canada “is likely to emerge from the Covid-19 crisis as markets across the country remain relatively strong”.
“While demand is expected to decrease as a result of the outbreak, there are not enough signs to indicate an increase in supply, or a significant impact on prices,” Remax said.
“The probability of a bubble burst is low, at least in the short term,” the company added.
According to the RE / MAX, what is likely to happen to house prices as a result of the public health crisis is “an increase in the levels more than the big declines”.
And the company explained that since the housing stock in many markets in Canada is “very low”, “it is not possible for every price change to drop, or even be worth mentioning.”
In a recent market report, the Greater Vancouver Real Estate Board noted a market slowdown near the end of March 2020 because concerns about COVID-19 were increasing.
According to REBGV, average daily home sales were 138 in the first 10 business days of March.
In the last ten business days of the month, the daily average fell to 93 sales, according to the association.
REBGV covers Vancouver, Burnaby, New Westminster, Cocktlam, North Vancouver, Pete Meadows, Port Coquitlam, Port Moody, Richmond, Maple Ridge, South Delta, Squamish, Sunshine Coast, West Vancouver, Whistler.
REBGV recorded 2,524 sales in March 2020, 46.1 percent more than sales in March 2019, and a 17.4 percent increase in homes sold in February 2020.
“Many of the sales recorded in March are in the process before the county government declares a state of emergency,” Ashley Smith, President of REBGV, said in a media statement on April 2.
“We will need more time to understand the impact of the epidemic on the housing market,” Smith added.
On April 2, the Fraser Valley Real Estate Council also released a market report reflecting REBGV.
According to FVREB, sales in the first seven business days of March 2020 increased by 60 percent compared to the same period in March of last year.
However, activity slowed towards the end of March.
“Sales continue to increase because they usually move in the spring, and then understandably and of course, they start to decrease,” FVREB President Chris Shields said in a media statement.
For March 2020, FVREB handled 1,441 sales, which is a 7% increase compared to sales in February 2020, and an increase of 18% over March 2019.
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