IMF chief says pandemic will unleash the worst recession since the Great Depression.
Even Canadian real estate markets are showing signs of a downturn.
Are you keeping your social distances out at all those open houses?
Cooped up inside? Or running around licking doorknobs?
What are you seeing out there in the world and how is Spring 2020 looking for the Vancouver real estate market?
We’re living in interesting time. Interest rates are super-low and going lower which should drive down the cost of a mortgage, but at the same time we have a very unusual economic slowdown across the board.
Some people even thing this could have an effect on the Vancouver real estate market:
” Interest-rate drops usually fuel housing sales, but this time they will be more than offset by the “unprecedented paralysis of economic and social activity” during the COVID-19 pandemic, causing B.C. homes sales to drop this spring, the B.C. Real Estate Association predicted March 17.”
“All four scenarios predicted home sales in the province would drop in the spring and early summer. The market would then likely rebound in the second half of the year “contingent on the outbreak resolving.” However, only one of the scenarios found that home sales in the province would recover to a point of activity higher than if there had been no pandemic, with the other three forecasting a more muted recovery”
read the full article here.
It’s a buyers market for.. well stocks and oil anyways.
Will plummeting interest rates make real estate more appealing or will a hit to the wider economy drive down house prices?
What’s your bet?
It’s that time again, let’s refresh with a new open topic thread!
Friday Free-for-all time!
So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below!