Canadian home sales were hard-hit in the early days of the pandemic, but four months later all signs are pointing to a Canadian real estate rebound sooner than originally expected. High demand and short supply of homes continues in many markets from coast to coast, and even during the peak of COVID-19, Realtors have remained limber in order to continue operating as an essential service while adhering to social distancing measures. Now, with the economy re-opening and improving, and real estate transactions back on the upswing, RE/MAX across the Ontario and Atlantic region is tapping into its greatest resource – our network – to stay ahead of the curve in some highly competitive markets.
Canadian Home Sales Are Back On Track
According to the latest unemployment numbers from Statistics Canada, the economy added 953,000 jobs in June, bringing the national unemployment rate to 12.3% from 13.7% in May – good news for those who suffered income loss and the ripple effects that followed. Homebuyers and sellers who temporarily paused their plans with the onset of COVID-19 were also quick to come back to the market, proving April’s lull in sales to be short-lived. By May, the Canadian Real Estate Association reported home sales were already trending upward month-over-month, rising 53% in the Greater Toronto Area, 92.3% in Montreal, 31.5% in Greater Vancouver, 20.5% in the Fraser Valley, 68.7% in Calgary, 46.5% in Edmonton, 45.6% in Winnipeg, 69.4% in Hamilton-Burlington and 30.5% in Ottawa. The number of new listings nationally was also up 69% compared to April. What about housing values? An already tight inventory and pre-pandemic pent-up demand in many Canadian housing markets offset the negative effects of COVID-19, and prices have held steady.
READ: Find out why Canadian housing values won’t fall as per CMHC’s -18% forecast
Now, as before COVID-19, real estate continues to be highly competitive in many of Canada’s biggest housing markets, with RE/MAX agents in Ontario, Atlantic Canada and Western Canada all reporting multiple offers on properties.
Canadian Homebuyer and Seller Sentiments
According to a Leger survey conducted on behalf of RE/MAX Canada as part of the RE/MAX 2020 Global Outlook Report,
- 56% of Canadians who are planning to engage in the real estate market, expect to do so in less than a year.
- 60% of Canadians prefer to use a professional, licensed local real estate agent because they are credible and more trustworthy than do-it-yourself listing services.
- 22% of Canadians are likely to buy or sell real estate if the majority of the transaction is done virtually.
These numbers are encouraging, given the shocks of COVID-19, and highlight the value of working with an experienced, professional Realtor – not only during unusual market conditions but through competitive ones as well.
Young Professionals Network (YPN) for RE/MAX Agents in Ontario, Atlantic Canada
As industry insiders will attest, the real estate industry is in a constant state of change, as we’ve seen with technological disruptors emerging in the past decade and more recently, industry and market changes through the global pandemic. In an effort to leverage the wide-ranging experience and resourcefulness of the RE/MAX network as we all navigate this evolving landscape, RE/MAX agents in Ontario and Atlantic Canada are joining the Young Professionals Network (YPN). The group is geared to agents under 40, providing a unique opportunity for them to interact with like-minded associates, generate more business and share best practices.
Leading the YPN is a group of enthusiastic District Leaders – agents who have been with RE/MAX for at least two years who will lead, motivate and inspire other young RE/MAX professionals in their region. District Leaders are responsible for content planning, participation in the advisory council and local engagement.
Learn about RE/MAX real estate franchise opportunities in Ontario-Atlantic Region.