When COVID-19 hit Canada, the impact was cushioned by the Canadian government’s temporary emergency relief measures.
Financial institutions also offered mortgage deferral options to their customers and applications started pouring in.
Now, as these measures are coming to an end and the economy reopens, we take a closer look at the current state of the real estate market and share predictions for the remaining part of the year.
According to CMHC, home sales are not expected to return to the pre-COVID levels until 2022. Additionally, the timing and extent of recovery will vary from region to region. For instance, Toronto, Montreal, and Ottawa will recover sooner than other regions in Canada.
However, many real estate organizations strongly believe that the decline in home sales and prices is temporary. They are confident that the bounce back will happen soon.
Read our full analysis on the Purview blog: https://www.purview.ca/canadian-real-estate-and-mortgage-industry-predictions/