Metropolitan resale snapshot: August 2020
The Conference Board of Canada
August 21, 2020
The monthly Metropolitan resale snapshot provides an overview of the existing home market and expectations for existing home price growth over the short term for 30 areas.
- Canadian housing markets generally surged in July, shrugging off COVID-19 concerns and the recent tightening of mortgage qualification rules by Canada Mortgage and Housing Corporation.
- Markets are responding to ultra-low interest rates and recovering employment. Nonetheless, risks lurk, including the end of mortgage forbearance by chartered banks, high consumer debt, and a potential second COVID wave.
- Sales rose in 28 of our 30 markets in July and were up at least 5 per cent month-over-month in 26 of these.