[QUOTE = "kenswing, post: 13296251, member: 114392"]
New Coronary Pneumonia Severely Falles, Canadian House Prices Surpass Expectations, Only to Recover at the End of the Year
The outbreak of new coronary pneumonia has hit the Canadian real estate market hard, even exceeding industry experts' previous expectations. On Tuesday (May 5), officials from Canada Mortgage and Housing Corp (CMHC) admitted that home prices may not return to pre-recession levels until the end of 2022 at the earliest.
Image source: CP24
According to local English media CP24, the outbreak of New Coronary Pneumonia has caused the provincial governments to issue very strict isolation measures. Some conventional businesses in the real estate industry, such as open house viewing, have to be stopped, and this directly leads to a "freeze" in the national real estate market.
In terms of the Greater Toronto Area, home sales in April plummeted by 67%, and the average house price for the month fell by 11.8% from March. In the rental market: Although rents in the Greater Toronto Area are still high compared to many cities in Canada, they have also declined. The average one-bedroom rent fell by 2.7% to 2107 yuan, and the average two-bedroom rent fell by 4.1% to 2705 yuan.
The situation in Metro Vancouver is not much better: the April composite price benchmark index (composite price benchmark index) rose 0.2% from March, but the number of sales reached the lowest level in nearly 40 years, 62.7% lower than the 10-year average.
CMHC CEO Siddall (Evan Siddall) admitted that the impact of new coronary pneumonia on the country's housing market has exceeded their expectations.
He revealed that in January this year, CMHC experts had predicted the impact of this pandemic on the real estate industry. They will regularly conduct stress tests on the market, but these tests are prepared for normal conditions, and the epidemic is too serious, which makes the previous experience "invalid".
CMHC, as the official agency of the federal government that provides lenders with mortgage insurance and funds for public housing projects, must predict the future, so they are hurrying to revise their forecasts based on spring and summer experience value.
Sidell said that in addition to quenching the market, pneumonia also poses a major problem: more and more people are unable to pay their mortgages due to shutdowns.
Preliminary data shows that about 10% of homeowners across Canada choose to postpone mortgage payments, which appears to be higher in some parts of the country that rely heavily on the oil and gas industry.
These negative problems due to pneumonia will ultimately affect house prices.
CMHC chief economist Bob Dugan said that it is still difficult for experts to predict the future direction of the country's housing market, because there are too many unknown variables, including the degree of income deterioration caused by unemployment, the number of future immigrants, and the construction industry How to deal with this crisis and so on.
However, based on the analysis of available information, housing prices across the country and Ontario will return to pre-recession levels as early as the end of 2022.
It is reported that the Canadian Real Estate Association will release the latest national housing market data on May 15, and before that, major cities in the country will also publish local figures one after another, which will give people a more intuitive view of the impact of pneumonia on various housing markets. Recognize that it is also easier to predict the future.
Source:
http://www.cp24.com/news/mortgage-h...-won-t-recover-from-covid-for-years-1.4926672
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