Moody’s are predicting a drop of at least 30% in Canadian real estate prices as a result of the ongoing pandemic. The model used to analyse the market looked at overall economic condition in Canada to come up with its conclusion. Canadian businesses are resorting big drops in revenue with one in five businesses laying off 80% of their staff. The longer the pandemic continues and disrupts business operations the more Canadian real estate is expected to fall.
- Canada’s real estate market is likely going to continue dropping because of the coronavirus.
- However, there is the potential for recovery which depends on how quickly the pandemic is over.
- Here are some more stories about the state of the Canadian market right now.
“With that being said, the country is still leaning on the real estate industry for economic support, as it seems to be one of the industries who haven’t yet fallen backwards in an extreme manner.”