September 3, 2020 by Andrew Button
There were reports that the biggest housing markets in Canada have been doing surprisingly well since the COVID-19 pandemic hit. But before you get to excited, you should be aware that not everybody agrees with these forecasts. Ever since the pandemic began, the Canada Mortgage and Housing Corporation (CMHC) has been sounding the alarm about the market. They believe that the real test of the housing market will come in the fall while anticipating an increase in inventory. Housing values will also start declining as what others say.
While the housing market in Canada has been suprisingly strong this year, there is one unusual factor at play:
Fewer people are selling their houses since people are sheltering at home. Housing inventory is at 16 year low according to the CMHC. That restricts supply, which increases prices if demand remains unchanged.
What does this mean?
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