Were you planning on buying real estate any time soon? House prices in Canada could go down on average across the country because of COVID-19 if the virus continues to stick around. However, the price drop won't be too drastic.\nRoyal LePage, a Canadian real estate company, released its House Price Survey and Market Survey Forecast on April 14 which shows how the pandemic could affect the real estate market.\nThere are two different scenarios in play.\nIf the measures put in place to fight COVID-19 like stay-at-home restrictions are eased soon, the aggregate house price is expected to end the year with a 1% increase to $653,800.\nHowever, it's a different situation when strict restrictions stay in place for a while.\nIf those measures continue through the summer, aggregate prices are expected to go down by 3% to $627,900.\nThat's because of the negative economic impact the virus has.\n"The impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment across the country," said Phil Soper, president and CEO of Royal LePage, in a news release.\nHe also noted that because a lot of young and part-time workers are the ones losing work, the impact on the housing market won't be huge because those groups are less likely to buy or sell real estate.\nView this post on Instagram Say it with style! Advertise your pending properties with a design outside of the usual. We offer a variety of styles and colors to choose from. See them here or by clicking the link in bio: http://qoo.ly/yayua ˙ ˙ ˙ #realestatesign #realtorsign #customsign #forsalesign #allthingsrealestate #realtorsupplies #realestatesupplies #realestate #realtor #realestateagent #remax #sothebys #kellerwilliams #realty #realestatebroker #coldwellbanker #realtorsofinstagram #lifeofarealtor #realtors #realestatelife #century21 #realestateswag #weichertrealtors #realestateagents #realtorlife #realestateexperts #realestatemarketing A post shared by All Things Real Estate (@allthingsrealestate) on Jul 1, 2019 at 8:13am PDT\nIn December 2019, Royal LePage had forecasted that the aggregate price in Canada would increase by 3.2% by the end of 2020.\nNow that's all changed.\nSoper said that even the way listings are sold could change because of the virus.\n"As we ease out of strict stay-at-home regimens, sales volumes will return; traditional home sales practices will not," he noted. "The popular 'open house' gathering of buyers on a spring afternoon is gone, and it won't be coming back any time soon."\nView this post on Instagram You don't have to use the same boring SOLD and FOR SALE signs like everyone else. Make your mark with a unique and pleasant alternative. We have a bunch of options and can even customize one for you. Questions? Let us know in the comments or check out the link in bio! ˙ ˙ ˙ #forsalesign #realestatesign #signs #soldsign #allthingsrealestate #realtorsupplies #realestatesupplies #realestate #realtor #realestateagent #remax #sothebys #kellerwilliams #realty #realestatebroker #coldwellbanker #realtorsofinstagram #lifeofarealtor #realtors #realestatelife #century21 #realestateswag #weichertrealtors #realestateagents #realtorlife #realestateexperts #realestatemarketing A post shared by All Things Real Estate Store (@allthingsrealestate) on Jun 13, 2019 at 2:11pm PDT\nThe news release explains that high demand and low inventory have spurred on rising home prices in Toronto, Ottawa, and Montreal.\nIn the Greater Toronto Area, if the pandemic situation continues through the summer, there could be a 0.5% decrease in the aggregate home price to $844,200.\nIn Montreal and the surrounding area, there could be a 3.5% decrease to $421,400.\nFor Vancouver, the decrease could be 2.5% which drops the aggregate home price to $1,054,400.\nFor the nation's capital, the aggregate price is expected to stay flat at $494,100 if the pandemic continues through the summer.\nSoper said that if the spread of the virus is slowed and people can get back to work, the market could "roar back to life" with transactions delayed, not entirely eliminated.\nBack in January, Fort McMurray, Alberta was named the most affordable housing market in the world by an affordability survey.\nOn the other end of the spectrum, in 2019, the median property price in Toronto rose by almost as much as people earn in a year.