It seems like it’s not just Canada that’s experiencing a real estate boom amid the ongoing COVID-19 pandemic.
According to a student from the Organization for Economic Co-operation and Development (OECD), almost all major housing markets worldwide are booming, ranging from Italy to South Korea.
According to the data, housing prices rose across the world by 7 percent on average during the fourth quarter of 2019 to the fourth quarter of 2020 amid the pandemic.
Though housing prices have increased in 32 countries between 2005 and 2019, Colombia, Canada and Israel experienced a significant 80 percent gain. According to OECD’s study, on the other side of the spectrum, Greece and Italy experienced a 20 percent drop over the same period.
During the pandemic specifically, several nations experienced significant growth in house prices between 2019 and 2020, including Luxembourg (13 percent), Turkey (9 percent), Estonia (7 percent), as well as Germany, Poland and Portugal.
Unsurprisingly, the countries with the most significant growth between 2019 and 2020 include Turkey, South Korea, the U.K., New Zealand and of course, Canada.
The study cites low interest rates, more savings during lockdowns and the need for additional living space as the key reasons people purchased homes during the pandemic.