After months of uncertainty within the Canadian housing market, it’s starting to look more and more like the storm has finally cleared. Ever since around April when the first set of Covid riddled numbers came out, real estate agents weren’t so keen on the market outlook for maybe even the rest of the year. Spring was supposed to be the primetime of buying, and yet we saw the market take huge hits across the board. Now that we’re in July, the signs of recovery are much stronger than what most people originally anticipated, and is a growing trend that correlates with the increased optimism in Canadians while reacting to this pandemic.
For the most part, we can start to see that regions across Canada have lifted their restrictions and housing sales have shooted back up again.
View Across Canada
We start our look in BC, where laxed open house rules have reallowed clients to take property tours, of course with some forms of precaution still in place. The use of technology and screening visitor health are ways that real estate agents are making sure that the open house environment stays as clean as possible, along with a restriction of the number of individuals. Prospective buyers are asked to wait outside while the open house is filled to its max capacity and safety ppe is a must. For the last couple of months, real estate agents have been assigned the daunting task of having to give their buyers the feel of a house through a phone camera lens, but of course that’s nothing like actually visiting the property for yourself. Along with the relaxation in covid related restrictions, the housing sector has a renewed optimism in terms of sales and the potential for a rebound.
The same relaxing of restrictions can be seen on the other side of Canada, where the Montreal housing market has also seen a likewise comeback in real estate. However, only concern right now is the delay in housing projects as a result of the prolonged pandemic. This has led to the housing supply being thin and leaving buyers at a disadvantage. Prices for buying housing are expected to rise 3.5%, according to experts, by the end of 2020. However, the opposite can be said for the rental world as the transition to online universities has left college towns with higher vacancy rates as students elect to stay in their hometown.
Moving onto Ontario, we see that in places like Burlington the housing market is really back. Burlington home sales are up 53% from last month and only down 0.2% compared to last year. Increased buying confidence along with better health are attributed to the increased buying activity.
Overall, it’s great to see that housing sales have recovered better than what most people expected. Even with the virus still very much looming, it seems as if people are back to going on open house tours and buying even with an unstable job market. Now the concern is on the late construction projects that had to be placed on hold while the world stayed inside. With supply dwindling, we’ll have to see if the lost work can be fully recovered. Thankfully, it seems like the real estate selling season has really just been pushed back from spring to now the summer time, but late is better than never.