COVID -19 second wave no obstacle to Canada`s big-city housing market
Thursday Dec 03rd, 2020
Expect home sales to sizzle right into the holidays, Toronto's real estate board says.
Canada’s three largest metro areas reported another hot month for housing in October, with sales up by double digits in the Toronto, Montreal and Vancouver areas, despite warnings from the experts that the market is bound to cool off in the coming months.
Jason Mercer, the Toronto Regional Real Estate Board’s chief market analyst, says the economic recovery since spring combined with low borrowing costs have made the housing market attractive to many.
“Expect record or near-record home sales for the remainder of 2020,” he wrote in a report Wednesday.
Mercer expects the market to remain healthy in the long term, whatever the short-term pressures.
“Looking beyond COVID-19, it is clear that the high demand for housing will continue. The federal government has set immigration targets above 400,000 people for each of the next three years. The GTA will undoubtedly continue to benefit from this population growth. All of these people will need a place to live, whether in the ownership or rental markets.”