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Soaring house prices could push buyers back to condo market
It’s no secret Toronto’s condominium market has suffered amid the pandemic. Listings flooded the market and rents dropped as city dwellers fled the downtown in search of single-family houses with ample space to work and learn.
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But demand for condos in the city is rebounding and “will come back with a fury” when life “returns to a version of its former self,” says Heather Hadden of Hadden Homes in Toronto. “By the end of 2020, investors and end users started to come back, hoping to cash in on heightened supply, lower prices and greater negotiating power.”
Fixer-upper in prime Yorkville draws top dollar
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Royal LePage Real Estate Services Ltd.
Real estate agents in the Greater Toronto Area often talk of the “buyer fatigue” that can take hold when clients become worn down by fierce bidding wars and runaway prices. Now some “seller fatigue” is infusing the downtown condo market.
Many landlords who have been struggling to rent units have decided to try their luck at selling, but that has been a challenge too.
Price of detached homes continue to outpace condominiums as Canadians trade location for square footage
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Median price of a two-storey home in Greater Vancouver rises 8.8% as buyers prioritize square footage
Out-of-region buyers spur Maritimes home prices, as option of remote work and demand for large, affordable properties grows
Aggregate price of a home in Canada rose $206,815 since Q4 2015
TORONTO, Jan. 15, 2021 /CNW/ - According to the Royal LePage House Price Survey released today, the aggregate
1 price of a home in Canada increased 9.7 per cent year-over-year to $708,842 in the fourth quarter of 2020, as strong seller s market conditions continued to shape Canada s real estate market through the end of the year. The significant year-over-year increase in aggregate price was driven by price gains for larger properties. Sixty-four per cent of al
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TORONTO – BUSINESS – Residential real estate is surging. Demand for housing has exceeded supply through the last half of 2020. This has put pressure on home prices, which Royal LePage says, in their Market Survey Forecast predicts a five and a half per cent increase in the price of the average home in 2021.
The price of a home in Canada in 2021 across the country will be $745,100, while the median price of a two-storey detached house or condominium will be projected to rise by six per cent, and 2.25 percent respectively to $890,100 and $522,700.
“The leading indicators we analyze are pointing to a market that favours property sellers in the all-important spring of 2021,” said Phil Soper, president and CEO, Royal LePage. “Across the country, a large number of hopeful buyers intent on improving their housing situation were not able to find the home they were looking for this year, as the inventory of properties for sale came nowhere near to
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