Despite steady sales in Toronto and Montreal, coronavirus looms over Canada’s real estate market

Graeme Roy/The Canadian Press

In other Ontario cities such as Oshawa, Windsor and Kitchener, realtors are reporting high levels of activity. A detached house in Kitchener received 53 offers and sold for $491,000. The asking price was $299,900.“So far, we have not seen anything that makes us think that we are going to have a drastic shift in activity,” said Christopher Alexander, Re/Max’s regional director for Ontario and Eastern Canada.

Federal and local governments have stopped all non-essential activity, canceled school and restricted large gatherings. Ottawa has urged people to stay at home but has stopped short of ordering a general quarantine. Mike Stewart of Oakwyn Realty Downtown Ltd. put it this way: “We have cancelled all our open houses, and it is dead as a door nail out there."

Bubbles usually involve all asset classes; real estate is not immune to the bust unfolding in equities, commodities, etc. recession depression debt economics assets bankruptcy

'The central bank’s second cut of 50 basis points, to 0.75 per cent last week, did not trigger lenders to drop fixed mortgage interest rates as they would typically do.' Prime rate and fixed mortgage rates are not related...

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global stocks, U.S. futures rise on virus aid hopesGlobal stock markets and U.S. futures rose Friday on hopes government and central bank action can shield the world economy from a looming recession caused by the coronavirus.
Source: CTVNews - 🏆 1. / 99 Read more »

Beef shortage because of COVID-19 felt across the country, officials sayOfficials in charge of maintaining beef supplies in Alberta and throughout Canada say they are working hard to maintain business continuity in the face of the coronavirus pandemic. Odd I has no problem finding any while shopping Once I found a grocery store that hadn't been raided by ignoramuses Also called a number of butchers to be sure I wasn't wasting time and all had plants of stock I'll step in to take care of the demands for beef Because the government shut down the entire country you idiots... 900 infections and 50 odd deaths didn't cause this!
Source: CTVNews - 🏆 1. / 99 Read more »