Not surprisingly, the COVID-19 pandemic had a devastating impact on the number of transactions in the Metro Vancouver housing market.
This morning, the Real Estate Board of Greater Vancouver announced a 56.1 percent decline in sales in April compared to the previous month.
The April sales were a whopping 62.7 percent below the 10-year average for that month and the lowest since the deep recession of 1982.
Listings through the multiple-listing service dropped 2.3 percent from the previous month to 9,389.
“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” REBGV president-elect Colette Gerber said in a news release.
Then she tried to put a positive spin on the situation by saying this: “People are, however, adapting. They’re working with their realtors to get information, advice and to explore their options so that they’re best positioned in the market during and after this pandemic.”
The MLS Home Price Index’s benchmark price rose 0.2 percent from March to $1,036,000.
The Real Estate Board of Greater Vancouver includes Whistler, Squamish, and the Sunshine Coast.
White Rock, North Delta, Surrey, and Langley are part of the Fraser Valley Real Estate Board.
Ontario Real Estate Association hands down new guidelines as folks begin looking back into housing market – Barrie 360 – Barrie 360
While officials are expecting the Canadian housing market to take a real hit because of the COVID pandemic, Ontario realtors are still taking steps to protect those who want to buy or sell a home.
The Ontario Real Estate Association (OREA) has issued a series of guidelines to protect the health and safety of not just those in the market to buy or sell, but the realtors doing the deals too.
Most home showings have been done virtually since the emergency was declared in Ontario, and the OREA says that should become standard practice for now. Documents, forms, and acknowledgments should be processed electronically according to these guidelines. The OREA asks that physical home showings should be preceded by thoroughly disinfecting surfaces, and a physical distance should be maintained while interacting with clients directly. The OREA asks that personal protective equipment be used when distancing isn’t possible. A complete list of the OREA’s recommendations can be found on its website.
Now that the Ontario Government has announced a phased reopening, the OREA feels many consumers are looking to get back into the market in person. “The health and safety of our Realtors and their clients is OREA’s top priority during this pandemic,” says Sean Morrison, President of OREA. “As Ontario’s economy reopens, many Ontarians are looking to get back into the real estate market. Realtors are here to help make home buyers and sellers feel comfortable and safe while they work to find their dream home. OREA’s guidelines have been informed by up-to-date information from public health, best practices from the industry and experiences in jurisdictions across North America.”
RELATED: HOUSING MARKET TO BE HIT HARD BY COVID PANDEMIC THROUGH TO THE END OF 2022, ACCORDING TO CMHC HOUSING OUTLOOK
On Wednesday, the Canadian Mortgage and Housing Corporation released a housing market outlook that shows the impacts of COVID-19 will be felt on the industry right through to the end of 2022. Housing starts, sales, and prices within Ontario will be more impacted than some, including B.C. and Quebec, but less than those of oil-dependent Alberta or Saskatchewan.
Quebecers love the 'burbs, real estate poll suggests – Montreal Gazette
A survey conducted by the RE/MAX Québec real estate firm suggests that 46 per cent of respondents — particularly those with young children — could see themselves buying a home in the suburbs.
The poll, carried out just as the effects of the COVID-19 outbreak were beginning to be felt across Quebec, found that 28 per cent would like to settle in the city while 21 per cent preferred the country.
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Among potential sellers, the Léger poll found 58 per cent would put their homes on the block to move somewhere with more land, while 55 per cent would do so for a larger home.
A large proportion of respondents ages 55-64 would sell in order to move to a less expensive home.
RE/MAX Québec vice-president Sylvain Dansereau said the polling dates were not changed despite the health crisis, adding that a second phase of the survey will be carried out this autumn to measure the effects of the outbreak on the real estate buying and selling preferences of Quebecers.
Quebec’s real estate industry received government authorization to resume operations on May 11.
The poll was conducted March 17-29 with 1,400 respondents in six regions of Quebec and has a 2.6-per-cent margin of error 19 times out of 20.
The State of Canada Real Estate
Canada is a country that is known to consistently have a great housing market. Their prices are always on the incline, and they’ve not had any dilemmas regarding their housing economy. With the emergence of the pandemic, housing in Canada might change for the better, or for the worse.
Real Estate During the Pandemic
With the rise in the coronavirus pandemic, people have stopped looking for new homes in ThenCanada. Fewer and fewer homes and spaces are being sold day by day. Rather than risk moving into a new place, Canada’s residents are staying put until they can safely move. Business owners are no longer buying or renting work spaces either. With the stay at home order, there is no need to have a work space they can’t use. Nevertheless, though fewer people are buying houses in Canada, the prices of houses are still increasing. The cost of resales have surged all across the country.
The Cost of Canada Real Estate
On average, the cost of houses in Canada is about 500,000 canadian dollars. The cost of each home is based on region. Houses in big cities like Ottawa and Toronto are meant to be on the higher end of housing costs. Canada real estate prices are on the rise to make up for limited sales. Canada is lucky in that it does not suffer from the same housing crisis as the United States, and other parts of the world in 2008. They’ve stayed secure in their prices and economy, and though the pandemic has affected them, there will be few repercussions when the pandemic ends.
Canada’s Best Places for Real Estate
Investing in Canada real estate is easy and simple. There are plenty of great regions to buy homes to live in, rent out, or make a vacation home. The best places for Canada real estate are located in the province of Ontario. Places like Peterborough and Kawarthas have saw significant increase in the housing market over 2019. These houses will spawn a profit, and they are in locations that are affordable and central to Canada. Ontario is a great province because it hosts the country’s capital city, Ottawa, and it borders the great lakes and the United States.
The Housing Market
The Coronavirus has certainly shifted Canada’s housing market, but not in enough of a way to make a difference. Homeowners in Canada are beginning to worry that their equity and assets are going to depreciate, but as of yet, Canada’s economy is still intact. There is worry across the country that the housing prices will fall. Then again, there are others who hope the prices fall– they’ve been consistent for so long– so they can afford to buy a home in Canada. Either way, someone will benefit from the rise or decline of the housing market due to coronavirus.
Canada is a country full of kindness is beautiful houses. The time to buy a house is not now. The prices of homes are increasing, but they could soon drop. The pandemic has changed things all over the world. Canada real estate is no different.
Published By Harry Miller
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