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The COVID-19 pandemic has caused an unforeseen rise in unemployment in Canada which has in turn negatively affected the housing marking. According to mortgage company CMHC, the housing market may not recover from this recession until 2022. Experts believe that the volatility of Canada’s energy industry also plays a big role in this prediction. Not all cities will recover equally either, as estimations show the Montreal market increasing by 2% by 2022, while the Edmonton market decreasing by 9%.
- The high unemployment rate has caused a negative trend in the Canadian housing market.
- Experts believe that even after the pandemic, the housing market will not recover until 2022.
- The uncertain outlook of the housing market has not only been fueled by health concerns, but also by the volatile energy industry.
“For example, Toronto, Montreal and Ottawa are expected to return to normal conditions sooner and see less severe home price fluctuations compared to the Vancouver, Calgary and Edmonton markets.”