Economics
Once Roaring, Canada Home Sales Brace for 30% Drop on Virus
- Realosophy says ‘best-case scenario’ is improvement by autumn
- RBC economist Hogue sees resales falling to a 20-year low
A residential building stands under construction in front of the CN tower in downtown Toronto, Ontario.
Photographer: Brett Gundlock/BloombergThis article is for subscribers only.
Real estate listings are drying up, open houses have been canceled, and buyers are staying home. One more pillar of the Canadian economy is under threat from the coronavirus pandemic.
What was a roaring start to the spring house-hunting season has ended in a whimper. By the time the dust settles on what’s likely to be months of disruption, Canada could see resales plunge 30% to a 20-year low and the first nationwide drop in prices since 2009, according to Royal Bank of Canada.