Canadian real estate sales are hitting record levels, but mortgage growth is slowing. Bank of Canada (BoC) data shows outstanding mortgage credit hit a new all-time high in July. Even with the new high and various factors working in its favor, the rate of growth is still decelerating.
During the second quarter of 2020, some segments of the Canadian commercial real estate industry remained resilient. While the office leasing market softened between April and June, the industrial and multi-suite residential segments performed at healthy levels. In the interim, the retail property segment continued to struggle as restrictions imposed due to the COVID-19 pandemic forced non-essential retailers to close.
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Prices soar 16.9 per cent
Signs from Canada's two largest housing markets suggest market conditions are improving. Real estate indicators are showing a substantial recovery in the GTA, with market conditions expected to strengthen!
Statistics released by the Canadian Real Estate Association (CREA) show national home sales and new listings continued to rebound in July 2020, with new listings hitting their highest level on record for the month of July, while sales posted the highest level of any month in history.
It may be getting slightly less expensive to rent a place in Toronto amid the COVID-19 pandemic, but new data suggests that it's getting pricier to live in cities that surround the GTA.
The global pandemic may have brought the Canadian real estate sector to a near standstill this spring, but over the longer term it appears to have stoked homebuying intentions.
