Metropolitan resale snapshot: July 2020
The Conference Board of Canada,
July 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 continued to rebound in June, fuelled by ultra-low interest rates, recovering employment, and the impending tightening of mortgage qualification rules by Canada Mortgage and Housing. The real estate community seems to have largely adapted to virtual trading procedures. Nonetheless, there are still risks, including the end of mortgage forbearance by chartered banks, high consumer debt, and a potential second COVID-19 wave.
- Sales rose in all of our 30 markets in June. Most month-to-month increases were very large and pushed sales above their year-earlier levels in 20 markets. Listings were also up in all markets from the previous month, although they were above their prior-year levels in only 11 areas. The faster rebound in sales than in listings has sharply boosted price growth in most markets.