A note from Stephen Foti- CBN Broker of Records
…Our local market is not on course to see any meaningful influx of new housing supply that would equal the current or even a diminished demand within our market. As an optimist, the next 4 months will see a great number of Canadians, and our trading partners, receive vaccination for Covid-19. Covid-19 will eventually occupy less than 50 minutes of a 60-minute news broadcast and attention will focus on other matters of national interest. With the overall health of the Canadian housing market being vital to the national economy and of political interest, the current trajectory of house prices as it relates to affordability will make government intervention, much like May of 2017, more likely. The effectiveness of these efforts as far as they relate to affordability are dubious. The housing affordability issue is primarily a housing supply issue. Until supply goes up dramatically, prices will continue to be subjected to upward pressure.
2020 Guelph CBN Real Estate Market Report
