{"id":15394,"date":"2020-04-22T10:10:00","date_gmt":"2020-04-22T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15394"},"modified":"2020-04-10T09:57:41","modified_gmt":"2020-04-10T16:57:41","slug":"canadian-housing-market-recovery-will-come-in-stages-by-early-summer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/04\/canadian-housing-market-recovery-will-come-in-stages-by-early-summer\/","title":{"rendered":"Canadian Housing Market Recovery will Come in Stages by Early Summer"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s spring house hunting season \u2014 typically the busiest time of the year for home transactions \u2014 will be effectively cancelled this year.<\/p>\n<p style=\"text-align: justify;\">The strict social distancing measures that are critical to the fight against COVID-19 will make it all but impossible to follow through with the activities that the conventional home sales process necessitates.<\/p>\n<p style=\"text-align: justify;\">That\u2019s the takeaway for the near term Canadian housing picture from RBC Senior Economist and housing market expert Robert Hogue from a thought leadership piece published earlier this week.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect realtors to suspend open houses and cut any private showings to a bare minimum,\u201d he wrote. \u201cThere will be plenty of reasons for sellers to wait and see as well. A shock like this one is an inauspicious time to get full value for a property. We expect for-sale inventories to shrink, which will further contribute to stall activity.\u201d<\/p>\n<p style=\"text-align: justify;\">While the outlook for the spring months is bleak, Hogue delivers some much appreciated optimism about a timeline for a housing market recovery. This message is you shouldn\u2019t expect activity to resume overnight, but RBC is currently \u201cpenciling in\u201d an early summer \u201crestart.\u201d<\/p>\n<p style=\"text-align: justify;\">Of course, as with all things during this uncertain period, the exact timing is highly dependent on the duration of the COVID-19 crisis and how soon the strict measures are lifted or gradually relaxed.<\/p>\n<p style=\"text-align: justify;\">\u201cWe think the recovery will come in stages \u2014 taking buyers up to a year to regroup and rebuild confidence amid high unemployment,\u201d wrote Hogue.<\/p>\n<p style=\"text-align: justify;\">Even in an optimistic recovery scenario, Canadian home sales will take a huge hit on the year, with Hogue projecting a nearly 30 percent dive as sales reach a 20-year low at the national level. But looking to 2021, the economist sees a massive sales surge on the horizon when the \u201ctemporary shock\u201d of the pandemic sits comfortably in the rearview mirror.<\/p>\n<p style=\"text-align: justify;\">\u201cExceptionally low interest rates, strengthening job markets and bounce-back in in-migration will generate substantial tailwind. We project home resales to surge more than 40% to 491,000 units in 2021,\u201d wrote Hogue.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/04\/canadian-housing-market-recovery-summer.html\" target=\"_blank\" rel=\"noopener noreferrer\">RBC : Canadian Housing Market Recovery May Begin by Early Summer<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s spring house hunting season \u2014 typically the busiest time of the year for home transactions \u2014 will be effectively cancelled this year. The strict social distancing measures that are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/canadian-housing-market-recovery-will-come-in-stages-by-early-summer\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15394","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Housing Market Recovery will Come in Stages by Early Summer &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/canadian-housing-market-recovery-will-come-in-stages-by-early-summer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Market Recovery will Come in Stages by Early Summer &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s spring house hunting season \u2014 typically the busiest time of the year for home transactions \u2014 will be effectively cancelled this year. 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