01 Aug Canadian real estate is far from “doom and gloom”
In an interview with The Financial Post, Phil Soper, CEO of Royal LePage, and Sotheby’s CEO Don Kottick touched on the current real estate market and highlighted the major role that housing inventory will play after the pandemic eases.
Phil Soper said that home prices rely on the balance between supply and buyer activity. Royal LePage’s latest predictions have placed annual growth by year-end at 2.5%.
“There are a lot of people who are looking to put roofs over their heads,” “We just don’t see the number of homes for sale, the supply side of this, climbing to the point where home prices will collapse.” – Phil Soper
“It’s about half the long-term rate of home price appreciation we’ve seen in Canada, so we’re not talking about a great year – but it’s far, far from the doom and gloom that some of those who are not as close to the market [as us] have prophesized,” Soper said.