What the post-pandemic Canadian housing market might look like SYED MAHMOOD NAQVI Vice President | MB Enterprises
The real estate market in Canada
working operations is not the only
that how the market will behave for at
since the arrival of COVID-19 has
answer though, there has been social
least some time. The brokerages and
reacted differently. This is similar to
distancing in public places and
real estate agents have started to
many other sectors where the effects
following other mandatory measures
operate differently with higher
has been evident, however, in the real
associated with COVID-19. The
ambiguities on how the markets will
estate the effects are divided into two
question arises how it has affected the
be performing.
periods. These two are in the form of
Real Estate market in Canada? The
periods divided into long term period
trends of the past few months has
effects and short-term period effects.
shown that, ironically due to
SHORT-TERM EFFECTS ON THE CANADIAN REAL ESTATE:
Talking into a broader context, this
limitations in budget real estate prices
The declaration of COVID-19 as a
global pandemic will be changing the
has considerably fluctuated. The term
global pandemic was made by WHO,
real estate sector in Canada for at
‘Business as Usual’ is highly affected
or World Health Organization post
least a short term interval.
as usually what happens has been
March 11. At the same time stats were
impacted due to change in circum-
released from Canadian Real Estate
Evidently in all provinces in Canada
stances. These change in circumstanc-
Association, i.e. CREA. It showed that
the effects of COVID-19 has affected
es has risen due to the impacts of
the month of February was particular-
the corporate world with business
Coronavirus virtually on the whole
ly hot for year-over-year sales that
shutdowns and most people working
business community. As it is highly
rose 27% nationwide. This was also
from home. The increase in remote
ambiguous in this pandemic situation
an indication to the fact that busy
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MBE BUSINESS MAGAZINE OCTOBER 2020
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