Hogue believes the negative effect the virus will have on Canada’s economy, coupled with restrictions in movement and self-isolating measures will not only deter buyers from the act of shopping for homes, but make them more cautious in terms of how large a mortgage they will take on.
With the threat of the recession, you might see more reluctance on buyers to take on bigger amounts of debt“Up until three days ago, this virus was having no impact on the housing market,” said John Pasalis, President of Realosophy. “Then suddenly, we start getting all these calls, people sounding anxious and wondering what their next move should be. I got a query from a couple who are worried about their pre-construction condo and are wondering if they should assign it,” he told the Post.
Janet , a 33-year-old living in a two bedroom condominium in downtown Toronto had been hoping to upgrade to a home, partly relying on investments in her TFSA. But the market crash has severely disrupted her plans of upgrading — she told the Post she had lost about $14,000 that she was counting on for a downpayment.Housing prices in major urban centres, but particularly Toronto, have been escalating dramatically since January due to a combination of low supply and sky-high demand.
It’s a good thing
The psychic Sylvia Browne predicted CoronaVirus covid19 back in 2008 in her book 'End of Days: Predictions and Prophecies about the End of the World'.