Canadian house prices will rise at a much slower pace this year than predicted only three months ago and will fall in 2021 as the coronavirus pandemic pushes up unemployment, curtailing immigration and the demand for homes, a Reuters poll showed.
FILE PHOTO: An apartment building is lit by the dawn sun in Toronto, Ontario, Canada April 23, 2020. REUTERS/Chris Helgren
While Canadian home prices rose 0.1% in the month of May, yielding the strongest annual gain in two years, the June 9-23 poll of 17 economists and housing market analysts showed average house prices across the country would rise just 1.5% this year compared with the 4.5% forecast in a March poll. “A small but not negligible share of job losses recently will end up in long-term unemployment. Also, COVID-19 anxiety weighs down on labour market prospects, delaying housing purchases. A key risk specific for Canada is tied to the achievement of the federal immigration targets, which underpinned housing demand in recent years.”
Demand for housing this year is expected to fall across the country, including in Toronto and Vancouver, said more than three-quarters of respondents. Asked how quickly Canadian housing market activity would recover to pre-COVID-19 levels, 12 of 17 analysts said it would be gradual. Three said it would be slow and long while the remaining two said activity had already recovered.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Gold price soars to nearly 8-year high on pandemic fears, weak dollar - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Lire la suite »
High School Graduation Singer Refuses to Sing ‘Star-Spangled Banner’“With everything that’s happening, if I stand there and sing it, I’m being complicit to a system that has oppressed people of color,” Liana Morales recalled telling school staff about “The Star-Spangled Banner”
Lire la suite »
SKorean activist floats leaflets to North amid high tensionsA South Korean activist says hundreds of thousands of leaflets have been launched by balloon across the border with North Korea. The North has repeatedly warned it will retaliate against such messaging.
Lire la suite »
Asia Pacific stocks set to trade mixed as Nasdaq touches record closing highConcerns around the coronavirus situation stateside are likely to linger, however.
Lire la suite »
California Hits New High In COVID-19 HospitalizationsCalifornia has reached a new high in the number of hospitalizations related to COVID-19, surpassing the previous peak in late April. As of Saturday, data show 3,574 hospitalized patients with confirmed cases —plus 1,105 patients with suspected infections.
Lire la suite »