Question

In: Economics

Please provide statistical data on House prices after COVID-19 in Lower Mainland in Canada

Please provide statistical data on House prices after COVID-19 in Lower Mainland in Canada

Solutions

Expert Solution

Answer :-

The term" Lower mainland "Area in Canada is used for the geographical region of Vancouver British Columbia in the country of Canada.

In this area of Canada, sale of houses has decreased significantly in the recent months of 2020 when it is compared with the same month of the year 2019 as an impact of COVID-19 pandemic. But, this COVID-19 pandemic impact has not significantly affected the price level of houses and house prices are steady in nature.

It is vindicated by the house price index that is $1.03 million for the lower mainland area and it is more than 2.5% up, of the index value of May 2019.

It means that house price working as a macro indicator, considers the impact of COVID-19 pandemic to be temporary that considers that decrease in demand is due to the sudden and temporary negative effect of corona virus and once it becomes the part of normal life and vaccines are found, the demand will increase again.

So, it is a temporary dip in the Housing market and price have not decreased. Rather, it has become steady and not increasing sharply.


Related Solutions

Macroeconomic indicator: House prices after COVID-19 in Lower Mainland in Canada
Macroeconomic indicator: House prices after COVID-19 in Lower Mainland in Canada
What are the effects of COVID-19 on China's Economy before and after COVID-19 illustrate how COVID-19...
What are the effects of COVID-19 on China's Economy before and after COVID-19 illustrate how COVID-19 affects China's economy. In addition to the whole country, you also need discuss the differences of the effects between different areas of China At least 1700 English words are required
What are the effects of COVID-19 on China's Economy before and after COVID-19 illustrate how COVID-19...
What are the effects of COVID-19 on China's Economy before and after COVID-19 illustrate how COVID-19 affects China's economy. In addition to the whole country, you also need discuss the differences of the effects between different areas of China At least 1700 English words are required
How to get cure from covid 19,, at home after being positive in covid 19.
How to get cure from covid 19,, at home after being positive in covid 19.
US economy before and after covid 19
US economy before and after covid 19
What are the risk(s) for the banks during the Covid 19 crisis? Please provide evidence and...
What are the risk(s) for the banks during the Covid 19 crisis? Please provide evidence and reasoning.
Please provide details covering the current theory of the origin of the COVID-19 virus, how it...
Please provide details covering the current theory of the origin of the COVID-19 virus, how it is transmitted, what are the symptoms, preventative measures that should be taken to prevent contraction, high-risk populations and onset times. Also concentrate on how the virus is impacting the foodservice industry and the steps that are being taken to protect society at large from a foodborne transmission.
(a) Use statistical software to obtain a histogram. Do these house prices appear to be symmetrically...
(a) Use statistical software to obtain a histogram. Do these house prices appear to be symmetrically distributed? If not, in which direction do they seem to be skewed? (1.5 marks) (b) Run a quantile-quantile test of normality on “price” values to see if the data is normally distributed or not. (c) Computer µ and σ for the prices of all houses. (1.5 marks) (d) What percentage of these prices lie in the interval (µ - σ) to (µ + σ)?...
The government of Canada is spending unprecedentedly to curb the spread of COVID-19, revive the economy...
The government of Canada is spending unprecedentedly to curb the spread of COVID-19, revive the economy from economic recession and also ensure that a vaccine is found. Since February to date, the government has committed over 15% of GDP to COVID-19. The government is borrowing to finance its spending. Drawing from what you have learnt on the topic "Expenditure Multiplier" and your prior knowledge, what do you think will be impact of these spending on the Canadian economy? Does this...
- What policy instruments, if any, the Bank of Canada is using in response to COVID-19?...
- What policy instruments, if any, the Bank of Canada is using in response to COVID-19? Do you think these are adequate to avoid a recession? Read the following articles to formulate your idea and discuss the above question: "Bridge to Recovery: The Bank’s COVID-19 Pandemic Response" "Bank of Canada cuts rates in response to COVID-19" "This is what the Bank of Canada has left in its arsenal to fight the coronavirus downturn"
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT