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Coronavirus: What will happen to Canada’s housing market amid the pandemic?
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As the novel coronavirus pandemic forces parts of the economy to shut down, the snow is melting in areas of Canada in what’s normally a prelude to the busiest weeks of the year in real estate.
But will the health emergency freeze the spring housing market? So far, it’s hard to tell. Real estate is what economists call a “lagging indicator,” notes Romana King of Zolo.ca, meaning that, usually, it takes a while for economic trends to be reflected in housing market data. “The numbers won’t show up for anywhere from a week to three months from now,” King said.
Still, there’s little doubt that COVID-19 has already brought about seismic changes in the industry. In February, the housing market in many parts of Canada seemed headed for red-hot
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