Canadian Housing Market’s Uneven Recovery
It’s difficult to predict how long it will take for Canada’s housing market to recover from COVID-19 crisis, but one thing is certain — the pain will be felt differently across the country, a new report says.
Canada Mortgage and Housing Corporation’s latest Housing Market Outlook, which focuses exclusively on urban areas, says “the precise timing and speed of the recovery in major markets is highly uncertain and will vary considerably.”
In cities where industry lends itself better to working from home, the recovery may be less difficult, the report says. It points out that exposure to the energy sector will be felt in a longer-term fallout for Calgary and Edmonton real estate markets.
“Short-term uncertainty will lead to severe declines in sales activity and in new construction.” “As the virus is overcome, cities will bounce back, but there is significant uncertainty with respect to the path and timing of the recovery.”