Coronavirus and the housing market: Is this a good time to buy?

Date Posted: May 19, 2020

With the easing of restrictions for many Canadians starting to be felt across Canada some prospective homebuyers in Canada’s priciest markets are wondering if the economic crisis triggered by Covid-19 has come with a silver lining for them.

According to the Canadian Real Estate Association (CREA) the national average home price edged down just 1.3% in April compared to the same month last year.

Coupled with Canada-wide sales of existing homes falling approximately 58% in April year-over-year there appears to be more sellers than buyers now, giving an advantage to some prospective homebuyers.

Whether or not that will allow some homebuyers to finally step on to the property ladder depends on location and timing.

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