I recently came across this article in the London Free Press, and just had to share it with you. I find it very interesting how unpredictable the current real estate market is and how everyone is concerned about home sales, but in this article, Statistics Canada reports that new home builds will not be affected. Enjoy this article below.
Realtors and industry watchers may be bracing for a major shock in the house resale market due to COVID-19 in the coming months, but don’t expect the same to happen with the new homes sector, Statistics Canada says.
Prices for new homes will remain steady in the near future, the federal agency is forecasting, particularly in markets with strong demand such as London’s, where prices have risen steadily over the last few years.
“It’s a demand and supply story,” said Rohit Verma, head of Statistics Canada’s housing unit.