South China Morning Post<\/em>. \u201cThus we are seeing partial warming up of the property market.\u201d<\/p>\nWhile nothing can be guaranteed during these extraordinary times, many economists believe that the experience of China and other Asian countries that were first hit by the virus early in the year will largely mirror the experience of Western countries now facing the full brunt of their outbreaks.<\/p>\n
\u201cIf the dynamics seen in Asia repeat (and we have reason to believe it will) we are about 3 to 4 weeks away from the global pandemic inflection point,\u201d wrote Tamara Basic Vasiljev, senior economist at Oxford Economics, in a research note published today.<\/p>\n
\u201cTrue, the numbers of coronavirus cases continue to rise sharply and western economies have been unable to repeat the success of Asian quarantine and containment policies. But the dynamics of COVID-19 deaths in the West are similar to patterns seen in Asia, pointing to a near turnaround,\u201d she continued.<\/p>\n
When this turning point is reached in Canada and new infections begin to ebb, there is promise that pent up housing demand in the country\u2019s major markets will be unleashed in the second half of the year.<\/p>\n
The conditions are certainly right for a reinvigorated market in the summer and fall. BMO economist Priscilla Thiagamoorthy wrote<\/a> earlier this month that Canada\u2019s housing market \u201cfound a solid footing in the first couple of months of 2020\u201d before being derailed by the unprecedented disruptive effects of the COVID-19 pandemic.<\/p>\nIn response to the pandemic\u2019s wide-ranging economic impacts, the Bank of Canada slashed its key interest rate to a historic low last week.<\/p>\n
With strong housing demand in the months prior to the pandemic and all-time low mortgage rates expected when Canada emerges on the other side of its COVID-19 crisis, there are plenty of reasons to expect a housing rebound in the subsequent months.<\/p>\n
China is seemingly following this trajectory as its outbreak wanes, bolstering the case further that Canada\u2019s market could bounce back rapidly if it follows the same path.<\/p>\n
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<\/a>Photo:\u00a0Adam Muise<\/a>\/Unsplash<\/a><\/em><\/p>\n