Canadian real estate sales have fallen to historic lows during the COVID-19 pandemic as fears about the market keep cautious buyers and sellers from making a move.
TORONTO -- Canadian real estate sales have fallen to historic lows during the pandemic as fears about the market's future keep cautious buyers and sellers from making a move.
Buying a home is one of the biggest financial commitments a person can make, and Hutchison says both buyers and sellers have decided to take a wait-and-see approach.While home sales have fallen dramatically, prices have not followed suit. The most recent numbers from April show that the national average price for a home was more than $488,000, down just 1.3 per cent from the same month last year.
The state of the market is also worrisome for those who recently purchased a home. Myles Wagman and Jenia Bloch took possession of their new home just three weeks ago in Toronto.If prices take a nosedive, they worry they could be left with a property that isn’t worth what they paid for. It’s too soon to know what next month will bring, but that are early signs that May could be a more positive month for sales, said Sean Cathcart, senior economist with the Canadian Real Estate Association.
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