{"id":16436,"date":"2020-09-09T11:11:00","date_gmt":"2020-09-09T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16436"},"modified":"2020-09-05T10:47:21","modified_gmt":"2020-09-05T17:47:21","slug":"it-may-take-more-than-a-pandemic-to-crash-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/it-may-take-more-than-a-pandemic-to-crash-the-canadian-housing-market\/","title":{"rendered":"It May Take More Than A Pandemic to Crash The Canadian Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">With the coronavirus keeping people indoors and putting them out of work, some Canadians have been patiently waiting for prices to tumble before buying a home.<\/p>\n<p style=\"text-align: justify;\">As it turns out, it may take more than a pandemic to keep the Canadian housing market down.<\/p>\n<p style=\"text-align: justify;\">While all activity came to a halt in March and April, the market has since roared to new heights \u2014 with July shattering the all-time sales record. A total of 62,355 transactions took place nationwide, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">\u201cRecall that before the lockdowns, we were heading into the tightest spring market in almost 20 years,\u201d says Shaun Cathcart, CREA\u2019s senior economist, in a news release.<\/p>\n<p style=\"text-align: justify;\">\u201cUltimately the market we\u2019re seeing right now is mostly the same one we were heading into back in March.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>The Heat is Back-On<\/strong><\/p>\n<p style=\"text-align: justify;\">The rebound over the past three months has been swift and strong, with July\u2019s sales figures tripling those in April.<\/p>\n<p style=\"text-align: justify;\">Although the buying and selling season typically peaks around May or June, the pandemic pushed the whole schedule back.<\/p>\n<p style=\"text-align: justify;\">\u201cA big part of what we\u2019re seeing right now is the snap back in activity that would have otherwise happened earlier this year,\u201d says Cathcart.<\/p>\n<p style=\"text-align: justify;\">The Canada Mortgage and Housing Corporation predicted in May that prices could fall in the future as government support dries up \u2014 but if a correction is coming, it certainly hasn\u2019t happened yet.<\/p>\n<p style=\"text-align: justify;\">The average price of homes sold in July jumped by over 14% compared to the same time last year. That number, the CREA says, is heavily influenced by surging prices in the Toronto and Vancouver areas.<\/p>\n<p style=\"text-align: justify;\">One obvious reason for all the demand is today\u2019s tremendous mortgage rates. To keep the economy churning in a time of uncertainty, the Bank of Canada has made it easier and easier to get a great deal on a loan, and homebuyers are happily taking advantage.<\/p>\n<p style=\"text-align: justify;\">But that\u2019s not the whole story.<\/p>\n<p style=\"text-align: justify;\"><strong>Buyers Eager for More Space<\/strong><\/p>\n<p style=\"text-align: justify;\">Canadians who have put off their travel plans this summer have spent months in lockdown thinking about what they really want in a home. Sellers also had more time to prep their houses while they waited for things to pick up.<\/p>\n<p style=\"text-align: justify;\">And COVID-19 has only fuelled desires for more space, according to a recent survey from Mortgage Professionals Canada.<\/p>\n<p style=\"text-align: justify;\">About 12% of homeowners who plan to move in the next few years said working from home more has inspired them to seek out roomier accommodations.<\/p>\n<p style=\"text-align: justify;\">Others said they wanted to rely less on public transit by moving closer to where they worked or switch to a space that makes social distancing easier (without elevators or roommates, for example).<\/p>\n<p style=\"text-align: justify;\">The survey adds that very few Canadians regret becoming homeowners and are actually happier with their mortgages than they have been in the past.<\/p>\n<p style=\"text-align: justify;\"><strong>Take Advantage of Today\u2019s Incentives<\/strong><\/p>\n<p style=\"text-align: justify;\">If you\u2019re tired of renting or being confined to your tiny condo, now could be an ideal time to make a change.<\/p>\n<p style=\"text-align: justify;\">It&#8217;s easier than ever to get a great interest rate \u2014 so long as your credit score is in good shape \u2014 and a recent change to Canada\u2019s mortgage stress test has increased buyers\u2019 purchasing power by thousands of dollars.<\/p>\n<p style=\"text-align: justify;\">Plus, with prices staying strong in most markets, current homeowners can be assured they\u2019ll get top dollar when they go to sell.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.msn.com\/en-us\/money\/realestate\/waiting-for-a-real-estate-crash-the-market-is-still-surging\/ar-BB18rbYT\" target=\"_blank\" rel=\"noopener noreferrer\">Waiting for A Real Estate Crash? The Market is Still Surging<\/a> by Serah Louis | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the coronavirus keeping people indoors and putting them out of work, some Canadians have been patiently waiting for prices to tumble before buying a home. As it turns out, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/it-may-take-more-than-a-pandemic-to-crash-the-canadian-housing-market\/\">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-16436","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>It May Take More Than A Pandemic to Crash The Canadian Housing Market &#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\/09\/it-may-take-more-than-a-pandemic-to-crash-the-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"It May Take More Than A Pandemic to Crash The Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With the coronavirus keeping people indoors and putting them out of work, some Canadians have been patiently waiting for prices to tumble before buying a home. 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