COVID-19 to push the housing sector on a downward slope – Moody's

Market growth and activity in the Canadian housing sector will trend downward this year amid the sustained economic impact of the coronavirus outbreak, according to a recent study by Moody’s Analytics.

In its “Canada Housing Market Outlook: Tough Times Ahead” report released last month, Moody’s said that any pre-pandemic forecasts will have to be essentially scrapped.

“Shelter-in-place orders and social distancing have brought house hunting to a virtual halt while layoffs, the collapse in oil prices, and the plunge in equity prices

have kept prospective buyers at bay,” Moody’s said. “The COVID-19 pandemic comes at a terrible time for Canada’s economy. Trade and investment were already struggling to make gains as the U.S.-China trade war and Brexit weighed on global demand. The pandemic soured this already-weak outlook almost overnight.”






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Sameer Nagpal

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