Prices and sales volume have bounced back in Montreal since the spring quarantine, but the growing recession has the housing market on edge.
Home prices came surging back in June, despite the coronavirus shutdown in March and an earlier slowdown in the market.
House prices in Canada have fallen by 10% due to the COVID-19 induced lockdown, data from the Canadian Real Estate Association shows.
The average home price in Canada is $488,203, 10% lower than the $539,724 recorded in February.
Canada’s smallest province remains one of its most affordable, despite a shortage of inventory exacerbated by the pandemic.
In Canada’s largest metro area, the housing market is struggling to keep pace with a growing population and rising prices.
Property prices in key cities across the world increased by 3.5% on average in the second quarter of 2019, led by annual growth of 25% in Xi’an in Chine, the latest international index shows.
Munich tops list of cities most in danger of property bubble. Hong Kong and London less risky as prices fall: UBS report.
The residential sector saw higher intentions for the multi-family component, while the commercial component of the non-residential sector also saw an increase.
Residential property sales increased by 3.5% month on month in July and are now up 12.6% compared to the same month in 2018, the latest national real estate index shows.
With a stable economy and little foreign demand, Manitoba’s cottage country is an affordable haven for nature lovers.
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