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How could house-poor Canadians, already saddled with alarming levels of consumer debt, manage their way through this, let alone out the other side?
But they did. And it was, quite frankly, astonishing.
According to CMHC, Canadians deferred $1 billion worth of mortgages per month during the pandemic, while the Canadian Bankers Association reports that more than 760,000 Canadians either skipped a mortgage payment or took advantage of a deferral program.
As of Sept. 13, more than $78 billion had been paid out to Canadians in the form of the Canada Emergency Response Benefit.
Yet, by the time the emergency lockdown restrictions started to relax, the real estate market was in full swing.
The June and July sales figures broke records set a year earlier, and the Toronto market spread its heat to the suburban and rural markets. In cottage country, properties were selling with multiple offers just hours after hitting the market.
Could this really just be the result of pent-up demand? Of fundamental changes in consumer appetites? A hunger for more space, more land, less density?
There were tons of theories.
Maybe all along we haven’t fully appreciated the level of demand, I wondered.
Maybe people weren’t as hurt by lost earnings as one might have expected?
Maybe the busy summer was the combined effect of insatiable demand met with people hustling to get set up to more comfortably ride out the fall’s all but guaranteed second wave.
Real estate sales set new mark in Powell River – Powell River Peak
Residential real estate sales in the Powell River region for September 2020 were significantly higher than the value of sales from September 2019, setting a new record in the process.
In September 2020, there were 50 single-family homes sold, for a value of $23,051,740, compared to 15 in September 2019, valued at $6,946,300.
According to statistics, a new sales record for the month of September was reached in Powell River and it was the third highest sales figures for any month on record in the region.
“Home sales in the region continued to rebound in September, hitting the third highest level for any month on record,” said Neil Frost, president, Powell River Sunshine Coast Real Estate Board. “New supply also hit a new record level for the month of September but is not keeping pace with the strong demand we are experiencing. As a result, the market continues to tighten significantly and the imbalance between supply and demand is putting upward pressure on prices in the region.”
For single-family mobiles and manufactured homes, in September 2020, there were three units sold, valued at $765,369, compared to three units valued at $594,000 in September 2019.
In the single-family condos, apartment and duplexes category, there were three units sold in September 2020, valued at $823,500, compared to four units sold in September 2019, valued at $935,500.
Total residential sales for September 2020 were valued at $24,640,609 for 56 units, compared to $8,475,800 for 22 units in September 2019.
On the non-residential side, there were five parcels of vacant land valued at $797,000 sold in September 2020, compared to one, valued at $84,000, in September 2019. There was also one industrial, commercial and institutional property sold in September 2019, valued at $300,000, compared to none in September 2020.
Grand totals show 61 total sales in September 2020, valued at $25,437,609, compared to 24 sales, valued at $8,859,800 in September 2019.
The average price of a single-family home in September 2020 was $461,035, compared to $463,087 in September 2019. The median price of a home in September 2020 was $470,000, compared to $344,000 in September 2019.
While the average price of homes sold in September 2020 was $461.035, Frost said the more comprehensive year-to-date average price was $414,794; rising 16.5 per cent from the first nine months of 2019.
There were 75 new residential listings in September 2020. This was the largest number of new listings added in the month of September in history.
Active residential listings numbered 101 units at the end of September.
While month-end figures are not yet available, Frost said Powell River sales figures for October are strong. As of October 26, 2020, there had been 50 sales in the Powell River area, compared to 26 in 2019.
In terms of year-to-date figures, as of October 26, Frost said the 2020 figure sits at 375 sales, compared to 311 over the same period in 2019.
“When we started out, we didn’t think we were going to touch 2019 because we had a couple of dead months, then we started to catch up, were on par, and now we are ahead,” said Frost. “We definitely had our strongest September and it was our strongest month in a long time. It was a banner month.”
Will Canadian Real Estate Prices Cool This Winter? – RE/MAX News
The COVID-19 pandemic shook the Canadian (and global) economy, causing business closures and job losses across many industries. But the public health crisis has failed to drive a stake through the Canadian real estate market – so far. Despite a slowdown at the height of the pandemic earlier this year, the nation’s housing sector has enjoyed a record-setting recovery from coast to coast, thanks in part to a combination of tech-savvy real estate agents, low interest rates and high demand. Although homebuyer trends are evolving, major urban centres and small towns are experiencing booming sales activity and rising prices.
With winter on the horizon, can the housing market maintain its upward trajectory? Some believe that pent-up demand has likely been exhausted, but that real estate prices will continue to edge higher across the country. What does the data say? Let’s explore some of the latest analysis and numbers to see what has been occurring in the broader Canadian real estate market, and what trends may emerge as we approach 2021.
Will Canadian Real Estate Prices Cool This Winter?
The Federal Reserve Bank of Dallas recently published a report analyzing the real estate markets in the Group of Seven countries during the second quarter. Researchers revealed that Canadian residential real estate prices reported the biggest jump in the G7, rising 2.42 per cent from the previous quarter. The next closest in G7 is France, rising 1.71 per cent. This occurred despite soaring vacancy rates and very little immigration during the April-to-June period.
It is remarkable to see how much home valuations have increased and how sales have popped during an unprecedented public health crisis. Here are just some of the August 2020 average sales prices and the year-over-year growth based on Canadian housing market data:
- Greater Toronto Area: $890,400 (+11.1%)
- Greater Vancouver Area: $1,038,700 (+5.3%)
- Ottawa: $517,800 (+19.9%)
- Greater Montreal Area: $408,200 (+16.4%)
- Halifax: $372,982 (+18.1%)
The unforeseen developments of 2020 may have stumped market watchers, but the upward trends make sense since a key factor helping in the recovery of the national real estate market has been an inventory shortage that surfaced long before COVID-19 reared its head in Canada. According to the Canadian Real Estate Association (CREA), inventory levels fell to an all-time low of 2.6 months in August. This is the length of time it would take to liquidate the current stock of listings at the current sales rate.
Can Canada sustain this momentum heading into winter and 2021? RBC Economics recently published a report that suggested pent-up demand has been exhausted, which could mean the Canadian real estate market will lose some of this fierce momentum in the months to come. Despite the possibility of a slow down, the report suggests that prices will continue to climb.
“With pent-up demand now largely exhausted, we see activity cooling later this fall,” economist Robert Hogue wrote. “The pent-up demand created this spring proved a powerful driver of activity. Question is: how much longer can it be such a dominant factor? We think there’s probably little pent-up demand left to satisfy in most markets.”
The expectation for higher prices is in line with the RE/MAX Fall Market Outlook Report, which forecasted a continuation of growth in valuations and activity in most housing markets. But why? The Canadian real estate market has plenty of growth factors working in its favour:
- Interest rates are at an all-time low.
- Real estate agents are still utilizing virtual tools to facilitate transactions.
- Some levels of pent-up demand continue to linger in the background.
- The federal government has made it clear that it would not allow any substantial downturn in the industry.
Where to Buy in Canada
Whether homebuyers’ sights are set upon Atlantic Canada, the Greater Toronto Area, the Prairies of the West Coast, the Canadian real estate market is ripe with a wide range of opportunities for both new homebuyers and homeowners looking to upgrade. Now that more people are working remotely, many professionals are no longer confined to living within close proximity to their workplace, which is opening up a wave of growth everywhere – namely within small suburban or rural municipalities.
The Bank of Canada (BoC), which is anticipated to maintain an accommodative monetary policy for a few more years, projects that the road to recovery will be a long one. Despite the remaining roadblocks within the economy, including business closures and widespread job loss, the real estate sector is booming, suggesting that any significant price cooling activity is unlikely to correlate with Canada’s cooling temperatures. When it comes to the national real estate market, all signs point to a hot winter market ahead.
Why health and wellness will dictate real-estate planning post pandemic – Yahoo Canada Finance
HONG KONG, Oct. 27, 2020 (GLOBE NEWSWIRE) — Tailor Insight, the fintech market research organization, recently released a research report ‘Tencent and WIMI Hologram Continue to Explore in the Field of Unmanned Driving’. The so-called AR navigation, just as its name implies, uses augmented reality technology to display ordinary navigation content in the form of AR real-world presentations. By deeply fusing the real road conditions captured by the on-board camera in real-time with the AI, a virtual navigation guidance model is generated, and superimposed to the real road to create a navigation screen closer to the real vision of the driver. The newly released AR navigation by Tencent adopts lane-level precise positioning technology, which makes the navigation guidance signs “fit” more accurately and realistically as if they were on the road. Users do not need to think and react, instead, they can make the right decision according to the guidance of navigation intuitively, which greatly reduces the reaction cost of users.The AR navigation system is part of the Internet of vehicles. The new AR navigation released this time adopts the lane-level precise positioning technology, which is more in line with the needs of users and strives to enable drivers to intuitively judge the navigation route. Meanwhile, it can provide practical information such as the number of remaining parking spaces.The navigation information can be directly projected in the front of the front windshield through the mobile vehicle-mounted projection equipment. In specific applications, the AR navigation can not only display basic travel guidance such as navigation arrows and traffic signs, but also combine scene prediction and personal preferences of the user to provide targeted information that the user needs or is interested in. For example, when the user wants to buy clothes, AR navigation will present nearby merchants/discount information. When a user wants to drink milk tea, it presents nearby shops, or even enters an indoor parking lot, and guide the vehicle to an available parking space, while telling the user where the nearest elevator is. In addition, Tencent also allows merchants to update dynamic information, which means that it has bred countless possibilities for commercial realization. According to Wang Wanxin, the general manager of Tencent Auto Union, mass-produced models equipped with Tencent’s AR navigation will be on the market this year.WIMI focuses on computer vision holographic cloud services. WIMI found that the application layer has gradually become the advantage of unmanned driving in this industry, and then some demands for unmanned driving will be discovered from this industry. In fact, every step WIMI has taken so far is to respond to the market demand and to cope with it.From the perspective of the value of the industrial chain, WIMI Hologram acts as an intermediate supplier, connecting the SDK operating platform and application developers. Apple, Google, Baidu, and Tencent all have their own AR SDK platforms. While WIMI Holographic, as an intermediate platform, is a supplement to the basic toolkit provided by the SDK platform, allowing users to complete software applications more conveniently. The holographic image processing function of WIMI is regularly optimized and improved, including two core technologies: holographic AI face recognition technology and holographic AI face change technology. Due to the development of video processing and recognition technology, WIMI’s holographic AR advertising and holographic imaging services based on image detection, recognition, template matching, image dynamic fusion and replacement are currently in a leading position in the industry.With the development of autonomous driving, people will see various applications and implementations of AR technology in the industry, and automotive equipment requires after-sales updates, which provides necessary opportunities for the corresponding upgrade of AR content and software. Therefore, AR has great development potential. It can be predicted that the market will soon need a platform related to automotive AR. Now, what still needs to be considered is the formulation of a common standard, which means that manufacturers, software developers, and content developers must work together to build a common ecosystem for the upcoming automotive AR.In short, autonomous driving has brought real impetus to the development of AR, but at the same time, AR may also be a key factor in helping the market transition from manned to unmanned driving. In the long run, automotive AR only opens the practical application market of the AR industry, paving the way for AR applications in other industries.About Tailor InsightTailor Insight provides easy and quick solutions that allow customers to capture, monitor, and audit market data from a holistic view down to an individual task on market research and industry trend insights. For more information, please visit http://www.Tailor Insight.comMedia contact Alex Xie, Senior Analyst Fintech Research Team, Tailor Insight Research info@Tailor Insight.com http://www.Tailor Insight.com
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