The housing market is in the midst of a period of unprecedented turbulence, with prices surging in many cities, including Vancouver, Toronto, Montreal, Montreal-Quebec and Vancouver.
Here’s what you need know.
The market has been buffeted by a variety of factors, including the coronavirus pandemic, a slowdown in construction, weak oil prices and weak demand.
But the recent slowdown has had an impact on some key sectors of the economy, including construction, which has been hit hard by the slowdown.
Construction and construction services have been particularly hard hit, as they are often seen as the drivers of economic growth.
Some experts are predicting a further slowdown in the next few months as the economy slows further.
Here are the key points: What’s going on?
It’s hard to overstate how quickly Vancouver has become the poster child for a slow-moving housing market.
Over the last six months, prices have shot up by more than 200 per cent in the city, according to data from real estate firm CBRE.
This has put a strain on many of the key sectors, from realtors to construction firms.
There are several reasons why prices have soared.
First, the number of units in Vancouver has grown faster than any other Canadian city.
Last month, the city had more than 100,000 homes for sale, according a real estate report from brokerage company CoreLogic.
Vancouver’s housing market also had its best month ever for an October quarter, with its median price increasing by $50,000, according the Toronto Real Estate Board.
It was a month when prices were in the single digits, and now, they’re up by $150,000.
There have been concerns that the downturn could hurt Vancouver’s economy, but a look at recent data suggests it might be just as bad as the city’s construction sector.
In fact, real estate research firm Zillow said in a recent report that the housing sector could have a $2.4-billion negative impact on the city economy in the near term, as construction workers face job losses and other jobs leave the province.
How is it changing?
Some people are blaming the lack of supply in the construction industry on the coronovirus pandemics, and say it’s causing the slowdown to be particularly intense.
However, that’s a false narrative.
A study by economists at UBC says the real-estate downturn is largely a result of supply.
It found that Vancouver’s construction industry, which is typically in the process of building for the next wave of construction, is already experiencing supply shortages.
This means that the city has already been hit by a supply shortage.
Zillows research found that there are only about 1,000 jobs in the sector, compared to 1,900 at the peak of the pandemic.
In other words, it is unlikely that supply is the reason for the price spikes.
Instead, the real estate market is actually slowing down, and the underlying economy is doing fine.
This is because the real economy is not slowing down as a result, said Andrew Waddell, a professor of economics at UBS.
Instead the real downturn is caused by the pandemias impact on demand.
He said it’s possible that construction workers may not be able to find jobs for the coming months.
What’s the outlook?
There are signs that the global economy is recovering.
According to the Bank of Canada, gross domestic product grew at an annual rate of 0.7 per cent last month, while inflation slowed to 2.4 per cent from 2.7 percent in September.
This will be a boost for the economy.
However that’s not to say that the slowdown in housing prices will go away any time soon.
The B.C. government has warned that a number of other sectors will be hurt, and this includes real estate, mining and construction.
However the B.S. government’s forecast is that the sector will see a positive impact on economic growth in the short term.
“The B.D.N.T. forecast is for a modest positive effect in the third quarter and is well above the 4.6 per cent growth projected by the Bank for International Settlements,” the government said in its latest quarterly update.
That means that even if the B-coronavirus downturn ends in March, the recovery will likely be a lot stronger.
What are some signs that things might not be as bad?
Many economists say the housing crash is not over, but that it’s more likely to be a temporary lull.
In the next couple of months, they say, prices will bounce back.
“I think prices are going to continue to go up,” said Ken Lantz, senior economist with the Canadian Real Estate Association.
“But I don’t think they will continue to keep going higher forever.
It’s going to be an upward trajectory.
The economy will get better, and people will be able get back into the housing boom.
But I think we’re going to see a prolonged period of decline.”