As we all know, the Coronavirus pandemic has had a big impact on the economy. Many businesses and Canadian citizens have had to find solutions to deal with this crisis.
Many economists predict that the economy will go into recession, and yet, it looks like it is recovering faster than expected. It seems like Canadian citizens are choosing to return to normal by participating in the recovery of the economy.
An article on RENX on June 16, 2020 reads: Developers still upbeat on Montreal condo, apartment market: The demand for new condos and rental housing has remained stable in Montreal despite the COVID-19 pandemic.
Another article in The Star on June 20, 2020 reads: The numbers don’t lie: Why the Canadian economy is already in much better shape than it looks.
A real life example. Last May, several luxury apartments were sold for $36 million in Mont-Tremblant, as well as 28 apartments for $23.9 million near Lake Tremblant, which shows us that Canadians are seeing the future positively, and that they are optimistic about seeing better days in the coming months.
While Tiff Macklem, the new BoC governor, said in a speech, “the country faces a challenging path to economic recovery, despite a quick bounce-back so far”. We are all optimistic that life is returning to normal and we pray for the economy and the real estate market to quickly recover.