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My name is Jeff Thibodeau and I am a real estate broker and investor in Brantford, Ontario, Canada. In this video, I’m going to show you the impact of COVID-19 on the Canadian Real Estate Market - plus what to expect for the remainder of 2020 housing market. [Report for Canadian real estate investing - housing market 2020]
In mid-March, the spread of the Coronavirus in Canada caused a state of emergency and provincial “stay at home” orders for all non-essential workers.
This created a sudden impact on the real estate market that is only just beginning to recover more than 8 weeks later.
• Home sales across Canada dropped 57% in April - from an already slowing March.
• April 2020 was the lowest demand in April since 1984!
• Most markets across Canada experienced a decline from 55%-70%.
• The number of homes being put up for sale also was down 55% nation-wide.
While many people predicted a real estate CRASH - what has actually happened is a PAUSE.
The slowdown in activity has actually REDUCED the number of homes on the market - and in some areas, adding more pressure to already hot real estate markets in many Canadian cities.
*all research and statistics quotes in this report are from the Canadian Real Estate Associations Publicly available data