{"id":15601,"date":"2020-05-15T10:10:00","date_gmt":"2020-05-15T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15601"},"modified":"2020-05-06T15:16:56","modified_gmt":"2020-05-06T22:16:56","slug":"average-home-prices-might-climb-defying-covid-19-pressures","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/05\/average-home-prices-might-climb-defying-covid-19-pressures\/","title":{"rendered":"Average Home Prices Might Climb Defying COVID-19 Pressures"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s home prices are still likely to see a 5%-10% annual gain by year-end, according to Altus Group chief economist Peter Norman.<\/p>\n<p style=\"text-align: justify;\">In an interview with The Financial Post, Norman said that despite the COVID-19 travel restrictions that have ground the entry of wealthy foreign homebuyers to a halt, housing will return to an upward trajectory in late 2020.<\/p>\n<p style=\"text-align: justify;\">Norman acknowledged the fluidity of the situation, saying that the coronavirus might still mean worse times ahead for the market.<\/p>\n<p style=\"text-align: justify;\">\u201cContext is important for everything, and there is a lot in motion right now. It\u2019s a difficult time to be forecasting,\u201d Norman said. \u201cCertainly, we see migration [being] really weak this year, and that has been a macro driver for housing in general.\u201d<\/p>\n<p style=\"text-align: justify;\">The pressures upon Canadian demographics and the economy are expected to persist throughout the second quarter and even well into the third quarter, with data in the April-June period likely to be \u201cpretty dismal.\u201d<\/p>\n<p style=\"text-align: justify;\">However, Norman said that the housing sector\u2019s fundamentals will pave the way for its speedy recovery once the crisis has passed.<\/p>\n<p style=\"text-align: justify;\">\u201cDon&#8217;t underestimate how fast things may come back,\u201d Norman said. \u201cWe are not expecting prices to go down a lot. \u2026 It\u2019s not a negative spiral; it\u2019s not a housing crash.\u201d<\/p>\n<p style=\"text-align: justify;\">And even though prices will be \u201call over the map\u201d for the next few quarters, \u201cby the time we get to the end of the year and momentum is coming back, with pent-up demand from the downtime and supply coming back on stream in the resale market, I expect we\u2019ll see a lot of activity,\u201d Norman said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/defying-covid19-pressures-average-prices-might-climb--altus-group-329334.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Altus Group &#8211; Defying COVID-19 Pressures, Average Prices Might Climb<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s home prices are still likely to see a 5%-10% annual gain by year-end, according to Altus Group chief economist Peter Norman. In an interview with The Financial Post, Norman &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/05\/average-home-prices-might-climb-defying-covid-19-pressures\/\">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-15601","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Average Home Prices Might Climb Defying COVID-19 Pressures &#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\/05\/average-home-prices-might-climb-defying-covid-19-pressures\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Average Home Prices Might Climb Defying COVID-19 Pressures &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s home prices are still likely to see a 5%-10% annual gain by year-end, according to Altus Group chief economist Peter Norman. 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