2020 RE/MAX Canada Housing Outlook Report

17 June 2020
REMAX Realtron Realty Inc

Promise in Areas of Europe, US Gives Canadian Housing Market Hope

RE/MAX Canada releases insights in key global markets amidst the COVID-19 crisis  

Canadian Real Estate Market Sentiment

  • 56 per cent of Canadians who are planning to engage in the real estate market say they expect to do so within less than a year
  • Almost half (44 per cent) of Canadians believe that the real estate market will bounce back to the strength it was before COVID-19 by 2021
  • 29 per cent of Canadians believe that before the end of 2020, the Canadian housing market will return to its pre-pandemic strength

Toronto, ON and Kelowna, BC, June 16, 2020 –  Nothing is symmetrical about the effect of COVID-19 on the housing market. In the same manner that Canada learned containment lessons from other countries where the virus hit earlier, we can also look to these economies to assess the potential rebound in our own economy and the Canadian housing market.

Looking at European markets that are similar to Canada in economic strength and regulatory frameworks, such as parts of Scandinavia, optimism in the Canadian housing market seems well placed. The same can be said in the U.S., where despite a national decline in sales of 20 per cent, consumer fears are beginning to subside as restrictions start to ease and activity picks up, particularly in secondary and tertiary markets.

According to a Leger survey conducted on behalf of RE/MAX Canada, 56 per cent of Canadians who are planning to engage in the real estate market expect to do so in less than a year, showing an eagerness to get back to buying and selling.