Last month marked the highest monthly sales figure on record, the Canadian Real Estate Association reported, while the national average sales price jumped to a record $571,500.
Under normal circumstances, real estate agents expect a busy period in early fall as people try to finish their move before winter. "As we move forward through August and September, people work through the new school rules, I think we'll see a fairly large uptick in activity. Unless a second wave shifts things dramatically, I think we're going to have a very busy fall market that won't slow down until the Christmas season."
The uncertainty means a fall slowdown is possible, said Bethany King, a team leader at Century 21 Millennium Inc. Brokerage in Brampton, Ont. "Those are the things that have investors who are regular people -- not millionaires that have tons and tons of properties, and are cashing out -- preparing for the worst," King said.
Evan Siddall, chief executive of Canada Mortgage and Housing Corp., wrote a letter earlier this month that said he expects house prices to fall, "even in the face of recent activity, which appears to be the result of very low interest rates and a sharp reduction in new listings."
Actually prices and sales were up. Yes they will slow down and no... will not be a disaster.
Advertise in Portland.
Lemme guess, climate change? Covid-19? Murder hornets? Am I getting warmer?
The lower our dollar is the cheaper it is for the Chinese government to buy our houses.
Overpriced real estate is damaging for the economy. You can find examples all over the world.
The NDP need to put a ban on foreign (non-Canadian) home ownership. Their still laundering billions through our housing market and ALR, and it needs to stop. That’s why we voted those liberal criminals out.
Single family homes in the city is quickly becoming a waste of land/space. It is definitely not the way forward. Developers are the only one who can really afford most real estate.
The useless baby boomers will hold on to their house until they die. Housing won't crash unless banks raise interest rates and people can't afford their mortgage.