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CREA Senior Economist Shaun Cathcart said there was more than one driving force behind July's full-tilt housing market, citing both COVID-19 and existing issues heading into 2020. "Some purchases will no doubt be delayed, but the new-found importance of home, lack of a daily commute for many, a desire for more outdoor and personal space, room for a home office, etc. will certainly also spur activity that otherwise would not have happened in a non-COVID-19 world."
The Toronto area, Guelph, Ottawa and Montreal saw the biggest price spikes, with prices climbing faster in most markets east of Saskatchewan. Prices rose more modestly in British Columbia and Alberta, CREA said. CREA's statement also suggested that new supply appears to be "tapering off in many parts of the country," with the Toronto area dominating new listings. The "sales-to-new listings" ratio in July was at its highest levels since 2001-2002, at 73.9 per cent.
"The pandemic has disproportionately impacted lower income Canadians, who are less likely to be or become homeowners," wrote DePratto in a note to clients. "Borrowing costs have fallen."
People are fleeing cities in droves.
yeah, I am guessing it is due to having to downsize, after being forced to shut down their business.
Boom times
True. Because either the bank got them back or people couldnt afford them.
Are they moving to the States?
And it wasn't because people were looking to buy....
Cheaper to buy a house than to rent in most Canadian Cities.
The march to replace white people is quickly becoming a sprint
In central Ontario, houses are being stapled together at record rates for the citiots that want to escape the cesspools they have created.
Interest rates near zero, and people are exiting the big cities before they become too violent. Makes sense.
90% of buyers were Chinese. I’m myself a migrant but Chinese ppl are playing dirty real estate game. They bid 30k higher to buy houses.