COVID-19 has had immense impact on global and local economy, but it can\u2019t derail Canada\u2019s housing markets, which is expected to see rapid house price growth once the outbreak is over, several recent forecasts have predicted. Despite a drop in sales this year, the average home price in Canada will be 6.1 per cent higher at the end of this year than it was a year earlier, TD Bank said in a forecast issued late April,2020.<\/p>\n\n\n\n
Many people are hesitant to put their house on the market \u2015 either because of concerns about the virus or concerns about the health of the market. Still, TD\u2019s forecast makes a few big assumptions. One is \u201cthat provinces take tentative steps towards re-opening their economies over the next month.\u201d Also, the country will not see a sudden rush of people who need to sell their homes quickly, thanks to the banks\u2019 new mortgage deferral programs!<\/p>\n\n\n\n
Although there is a \u201cbroad range of outcomes\u201d possible in these uncertain times,\u201d it\u2019s very unlikely we\u2019ll see significantly declining house prices,\u201d Altus Group vice-president and chief economist Peter Norman explained in a report published on Huffington Post.<\/p>\n\n\n\n
He predicts price growth in the 5 to 10 per cent range for this year, because there will be many buyers who will be \u201cready to buy\u201d once shutdown orders are lifted and social distancing rules start to be eased.<\/p>\n\n\n\n
Overall, the future of the housing market remains bright even if some hiccups might occur in the next 3 months until the crisis is fully behind us.<\/p>\n\n\n\n
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COVID-19 has had immense impact on global and local economy, but it can\u2019t derail Canada\u2019s housing markets, which is expected to see rapid house price growth once the outbreak is over, several recent forecasts have predicted. Despite a drop in sales this year, the average home price in Canada will be 6.1 per cent higher at the end of this year than it was a year earlier, TD Bank said in a forecast issued late April 2020<\/p>\n","protected":false},"author":20,"featured_media":1937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19"],"acf":[],"yoast_head":"\n