In Canada there doesn’t appear to be any sign of the housing market increasing anytime soon. The interest rates can be lowered, but that won’t stop the decline as much as it needs to be stopped. The decline will keep happening and in some parts of Canada it will be worse than others particularly in those areas where they rely on housing for the economy. The oil prices continue to drop as well, and if this keeps up, the decline will be steady for a while.
- Even lowering interest rates might not stop the market from taking a nosedive due to the coronavirus.
- The combination of oil prices dipping and the coronavirus means that housing sales will be well below projections.
- Areas with large tourism industries are likely to be hit the hardest.
“With purchasing power already suffering significant declines amid the coronavirus outbreak, these trends represent more tough times ahead for the market, Business in Vancouver reported.”