June 6, 2020
A recent forecast from CMHC of a potential decrease in home prices by up to 18% has raised many questions.
First, what are the assumptions CMHC based their report on, what the market stats are reflecting, and what is the rationale behind their thought process, and many more?
It has also created confusion in the minds of buyers and sellers alike about the future of the housing market in Canada, especially in the GTA.
Contrary to CMHC’s forecast, the latest housing market report released by Toronto Region Real Estate Board (TRREB) for last month (May 2020) shows average sale price increased by 3%.
A blog written by RE/MAX challenges CMHC’s report and calls it “irresponsible”.
The blog says “the region has not experienced any decline in price and if current conditions continue, there’s nothing to indicate that prices will fall between nine and 18 percent, as CMHC has predicted.”
Take care of yourselves and follow the safety precautions defined by healthcare professionals.
Please pray for the safety of all and the cure for COVID-19 to be found at the earliest.
#BeSafeAndHelpOthersBeSafe
A. Q. Mufti
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