COVID-19 lockdowns this spring potentially delayed up to 70,000 real estate transactions across Canada, RBC Economics estimates. Now those home buyers and sellers are catching up.
RBC says local real estate boards across the country reported “supercharged activity” in this normally sleepy month as provincial economies reopened and people adapted to buying and selling during a pandemic.Home resales saw increases ranging from 12% year over year in Calgary to 46% in Montreal, with records set in some cities.
“On a seasonally-adjusted basis , July activity could well be the strongest ever seen in Toronto and Montreal,” wrote RBC economist Robert Hogue in his report.AdvertisementNot only are buyers back in the market, so are sellers. Hogue said new listings rose markedly in most markets in July. This rise though was not quite as high as in June and the tighter market pushed home prices higher.The GTA appears to be back in a sellers’ market. Home resales surged 29.
RBC expects there is still pent-up demand in most markets and the surge in activity will continue into August and perhaps September. After that the outlook may dim.Article content continued “We expect the phasing out of CERB and other financial support programs, high unemployment and lower in-migration to cool housing demand later this year,” Hogue said.Thursday, U.S. President Donald Trump used a speech at a Whirlpool washing machine factory in Clyde, Ohio, to drop a bombshell on Canadian aluminum producers.
In 2019 Canada admitted 1.15 million migrants (exclude the irregulars) according to the WSJ (see post below). 340k immigrants and 810k other categories (students, TFW, etc). Gee, I wonder why housing is unaffordable in Canada.
Supercharged bubble fueled by low interest rates, CERB and foreign cash
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