Jul 29, 2020 By Sean MacKay
Canadaâ€™s economic recovery from the pandemic supported by Canadaâ€™s housing market according to the recent report from TD.
With the support of the encouraging momentum of the labour market and government support programs like CERB and CEWS, Canada’s economic recovery has been “most notable” in the housing and consumer spending indicators according to Abdelrahman, TD Economist.
â€œ[H]ousing markets have witnessed a strong snap-back in demand from Aprilâ€™s deep slump, leaving sales activity close to pre-COVID levels and above year-ago levels. Tight housing markets have prevented any sustained notable price declines thus far during the pandemic,â€ wrote Abdelrahman.
The preliminary sales figures recorded by the Canadian Real Estate Association indicated that July would surpass Juneâ€™s performance.
What does this mean?
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