This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.
Should COVID-19’s impact be moderated and the Albertan economy restarts in the next few quarters, the Calgary and Edmonton housing markets might see recovery sooner than expected.
“All major metropolitan economies are forecast to contract in 2020,” The Conference Board of Canada said in its latest economic forecast.
Calgary’s real GDP will likely shrink by 5.5%, while Edmonton will likely see a 5.6% decline, CTV News reported.
“However, assuming the virus’ spread is contained, and firms can return to normal operations over the summer months, a recovery should begin in the second half of the year, leading to sharp rebounds coast-to-coast in 2021,” the board said.
The organization is predicting GDP increases of 6% (Calgary) and 6.2% (Edmonton) by next year, which should bode well for the province’s long-burdened housing market.
According to figures from the Alberta Real Estate Association (AREA), the region’s average home price stood at $371,022 as of March, falling by 2.64% year over year. Sales activity weakened by 8.5% during the same time frame.
The number of new listings shrank by 14.54%, while the stock of homes available in the province declined by 5.76%.
“This is an unprecedented time with a significant amount of uncertainty. It is not a surprise to see these concerns also weigh on the housing market,” said Ann-Marie Lurie, AREA chief economist.
The Canada Mortgage and Housing Corporation's biannual Housing Supply Report highlighted Calgary as the Canadian city with the highest percentage growth of housing starts in 2021.
Roughly 70 per cent of Toronto is zoned for detached houses only, which restricts the number of units that can be built.
This week, the Bank of Canada announced an increase to their policy interest rate of 50 basis points, amounting to a total of 1.50%. That means interest rates are now six times higher than they were at the start of the year.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.
If you're looking to invest overseas, Turks and Caicos Islands boast some of the best financial and vacation-like benefits.
In a recent systems review from BoC, there is an increasing number of people at risk of financial vulnerability which could further affect the Canadian economy.
In the past, the ability to make good money in vacation investments was not always available to the average investor. Now, things are changing.
Canadian Real Estate Wealth and Neil Sharma sincerely apologize to Rompsen Investment Corporation and Rompsen Mortgage Limited Partnership.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”