by Nutan Brown
on Tuesday, October 26th, 2021 at 9:22am.
The Canadian housing market is expected to remain strong moving into the fall season.
A new report suggests that housing prices are anticipated to increase by 5% in the remaining months of 2021. Despite COVID uncertainty, Ontario has seen some of the highest average residential price increases across detached homes this year.
Young families are the driving factor for this increase. The demand for bigger lots and more green space has pushed homebuyers into the suburbs to find their dream home. More square footage has also been popular, as work-from-home jobs seem to be staying for the foreseeable future.
While demand for detached homes has been rising month-over-month, the inventory has not been able to keep up. With home prices steadily increasing, homebuyers are turning their attention back towards the condo market.
Condominiums were in a slump to start off the year, as COVID restrictions and closures pushed people out of the city. Now that restrictions are being lifted, younger buyers have been looking to lock in low interest rates and buy before prices climb back up.
Year-to-date sales of condos and townhomes in the GTA have climbed 71% year-over-year, with average price experiencing a modest increase of 7%.
Growth in the condo market occurred in all but one region in Canada, with Toronto being the second most popular region outside of Vancouver. We can expect this trend to continue into the fall, as home prices for detached homes continue to increase.
If you have any questions, or are thinking about listing your home in the fall, feel free to contact me anytime!