According to the Canadian housing and mortgage trends report, Canada’s real estate market could see some harsh consequences following the offset of the mortgage deferral programs.
Bob Quinlan with Re/Max City Centre Realty says, “This is exactly what I have been saying is happening and I think it is going to affect Prince George the same.”
The report notes that the National mortgage rates are expected to stay below 2% for quite some time and home prices could also drop over the next year as experts warn we have yet to see the full effects of coronavirus on the housing market.
“The bottom line is, now that people have expired those deferral programs, if they don’t have the income or can’t go back to work, then they’ll have to put their houses on the market,” adds Quinlan.
While Prince George’s housing market has been doing relatively well recently, it’s not doing as well as it has in recent years.
“Right now, even though we have a hot market in Prince George,” Quinlan explains, “the number of sales in the past couple months has been less than August of 2019.”
Quinlan explains the drop in homes being purchased in PG, “this is because there are just not as many houses on the market and there are a number of buyers that can qualify so prices have been going up.”