“The low-interest-rate environment is a massive impulse for demand,” Beata Caranci, chief economist at Toronto-Dominion Bank, said by phone. “It’s improved affordability for a key group of individuals who were waiting on the sidelines.” Low rates are also giving homeowners a chance to save money by refinancing their mortgages, Caranci said.
The country’s sales to new listings ratio — a measure of market balance — is at its highest level in two decades, signalling demand vastly outweighing the supply of housing. Continued optimism in the housing market is helping to offset growing worries elsewhere for households. Overall consumer confidence for October recorded its first monthly drop since the start of the pandemic amid signs the economic recovery is petering out. The Bloomberg Nanos Canadian Confidence Index ended the month at 52.5, down from 53.1 at the end of September.
Every week, Nanos Research surveys 250 Canadians for their views on personal finances, job security and their outlook for the economy and real estate prices. Bloomberg publishes four-week rolling averages of the 1,000 responses. The outlook for housing was the only component showing any improvement over the past month.
While overall confidence was down in October, there was a small rebound at the end of the month, ending a four-week skid in the numbers.
Covid has changed the market suddenly. People are moving out of cities at a fast clip. People are looking at larger homes again, to provide enough space to work and recreate in the home and yard. The initial lockdown was hell for apartment and condo dwellers.
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