June 25, 2020 : By Vanmala Subramaniam
As of May 2020, the national home sales went as high as 57 percent from its previous month and the number of the newly listed properties went up to 69 percent according to the data of Canadian Real Estate Association.
But CREA said “housing activity” (which includes both sales and new listings) was still down 40 per cent year over year.
Benjamin Tal, a long-time housing analyst and deputy chief economist at CIBC World Markets, said that “What you have to remember is sales are picking up from a very, very low level. We would have to go back years to see this kind of level,”. “When you take something that was at zero, of course it seems like it is bouncing back dramatically.”
“There’s pent-up demand from this group of people,” he added. “What’s also interesting is 25 per cent of homeowners are telling us that they are considering buying another unit as an investment as the market is soft and this is the opportunity they had been waiting for.”
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