September 15, 2020 by Sean MacKay
According to Canadian Real Estate Association Senior Economist Shaun Cathcart, it looks like the sales activity in September will not match the blistering pace seen in July and August, both record-breaking months for transactions.
“Despite some record monthly highs and lows this year, with eight months now in the books and activity showing signs of moderating in September, 2020 is looking like it will go down as a fairly middling year overall – weaker than in a non-COVID world but quite a bit better than we would have given it back in April,” Cathcart wrote in a media release accompanying CREA’s August housing data published today.
The summer months may have defied expectations on home sales, Cathcart and other market experts are seeing signals of a come down taking shape for 2020’s final four months.
In a response to the latest CREA data, TD Senior Economist Brian DePratto wrote that “as of August, the level of sales activity is now in line with historic norms, suggesting that much of this pent up demand has been satisfied.”
What does this mean?
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