Here are some of the survey’s other findings
There’s been a lot of debate over how the coronavirus crisis will impact the housing market, but most agree we are in for declines. Averaging out the responses of the economists on a percentage drop in Canada’s 10 biggest markets, came up with these predictions.
• The biggest drops are seen in Vancouver and Toronto at 12.65% and 12.55%, respectively.
• Cities set for declines between 8% and 10% include Montreal (9.55%), Calgary (9.40%), Hamilton (8.70%), and Edmonton (8.60%)
• More modest declines are expected for cities like Ottawa (6.40%) Quebec City (5.40%), Halifax (4.90%) and Winnipeg (4.70%).
The majority of the 15 panelists say that Canada would open its border to international travellers this year. Only two said borders will remain closed until 2021. Half of the panel believes borders will open within two to four months and 21% believe they will open sooner, within one to two months.