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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com




17 March 2020

Sales and prices at Canada’s real estate markets are growing

According to Canadian Real Estate Association (CREA), the national real estate market kept growing last month.

In February, home sales reported an annual increase by about 27% and a monthly gain by 6%. At the same time, it’s important to note that sales were at a 10-year low in February 2019, so although the sales were up, they were still lower than in 2016 and 2017.

“The sales rose in almost 60% of all local markets, but the national gain was mostly caused by a 15% activity hike in the Greater Toronto Area,” - CREA noted. “In addition to it, many other Central and Southern Ontario markets showed significant monthly increases”.

The strong market activity could be a continuation of the rebound, that we’ve been seeing during the last two years after the Ontario Fair Housing Plan was introduced in April 2017 and after banks implemented stricter mortgage rules in January 2018. It looks like buyers fully regained their confidence and demand is high today. Meanwhile, the inventory is extremely low in many large cities outside of the Prairies.

Although there was a small increase in the new listings (7.3% from January), there are only 4.1 months of inventory left in Canada. It’s the lowest number since the summer of 2007.

Another important factor affecting the market is COVID-19. It’s unknown if home prices keep rising this year amid the COVID-19 pandemic affecting world economies and consumer confidence. Interest rates were cut several times in order to support the economy, but sellers may decide to wait until the pandemic is over.

There are still questions with no answers for now. For instance, whether the real estate market will show activity growth with a new wave of buyers searching for a safe investment, or whether they all will decide to wait until the worst is over.

 

 

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