The Canadian Real Estate Association says national home sales fell by more than half in April as the COVID-19 outbreak put a chill on market activity.
Condo prices in a number of Toronto neighbourhoods have dropped as the city grapples with the economic impacts of the COVID-19 pandemic, new data suggests.
Canada Mortgage and Housing Corp. officials said Tuesday they expect real estate prices won't return to pre-recession levels until late 2022 at the earliest.
The Toronto Regional Real Estate Board reports home sales in the Greater Toronto Area plunged 67 per cent in April as the economic effects of the COVID-19 pandemic put a chill on the housing market.
The Toronto Regional Real Estate Board says home sales were down 69 per cent in the first 17 days of April compared with a year ago as the COVID-19 outbreak put a chill on market activity.
Canadian home sales nosedived in March as the COVID-19 pandemic began to take hold and caused both buyers and sellers to pull back.
The Canadian Bankers Association says the country's six largest banks have allowed customers to defer payments on more than 10 per cent of the mortgages in their portfolios as borrowers affected by COVID-19 seek financial help.
Canada Mortgage and Housing Corp. is expanding its insured mortgage purchase program to $150 billion as part of its response to the COVID-19 crisis.