There hasn’t been a better time for borrowing money than now. Mortgage interest rates are sitting at all time lows across Canada. Despite stricter lending criteria implemented July 1, 2020 the housing market expects to see further activity growth into the rest of summer.
It definitely goes without saying that COVID-19 has had a significant impact on the Canadian economy so far in 2020. The spring housing market of 2019 was much slower than 2020. The Canadian Real Estate Association (CREA) confirmed that May 2020 saw the lowest volume of sales in the last 20 years. Housing prices we able to maintain consistent levels as supply met demand.
In June national home sales climbed 63% according to CREA and a newly listed properties rose 49.5% from May to June. Canadians are taking advantage of the low interest rates and supply is hard pressed to keep up with demand. We suspect to see a very active housing market into winter as Canadians lock in their mortgages at these record low rates.