Current MLS stats indicate an average house in GTA hit a new record in 2020 & priced of almost $930,000 | 4,000 new listings in GTA as of a current trend
TORONTO, Feb. 11, 2021 (GLOBE NEWSWIRE) — The Canadian real estate market prices aren’t just fast growing by local standards. They’re growing fast by any given standard determined by any other country. This is mostly because of the influx of immigrants and the saturation of the big cities. Home sales recorded over Canadian MLS Systems did scale up by 12.6% with a total number reaching to 500,000 for year 2020, a new annual record. This has been the new world record set in amidst the pandemic.
The actual (not seasonally adjusted) national average home price was a record $607,280 in December 2020 and was up 17.1% from the same month last year. The new year brought us fewer than $100,000 residential listings on all Canadian MLS Systems, the lowest ever based on records going back three decades. This compared that to five years ago when there were a quarter of a million listings available for sale. Most definitely there is a high demand and low supply to the start of the year. This will only play out when we know the sales and price data as they populate this quarter of how many homes are available to buy in the months ahead. There was only 2.1 months of inventory on a national basis at the end of December 2020 – the lowest reading on record for this measure. At the local market level, 29 markets in Ontario were under one month of inventory at the end of December.
Interesting highlights from 2020 real estate industry include:
95,000+ sales were reported through TREB’s MLS® System – up by 8.4 per cent compared to 2019. This included the month of December, with 7,180 sales – a year-over-year increase of 64.5 per cent.
Year-over-year sales growth was strongest in the GTA regions surrounding Toronto, particularly for single-family home types.
The average selling price reached a new record of $929,699 – up by 13.5 per cent compared to 2019. This included an average price of $900,000 in December – a year-over-year increase of 11.2 per cent. The strongest average price growth was experienced for single-family home types in the suburban regions of the GTA.
After a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices.
Save Max has predicted, the gap between the supply and demand fuelled with record low interest rates in the Toronto Market would lead to a strong price growth and sales in the year 2021. Prices are projected to increase another 10% by August of this year. This is all based on current demand and the spring economic recovery. Canada’s third quarter GDP growth was 40%. Since there are promises made by the US to renew free trade which should are considered to be positive for Canada and Ontario/GTA exports. This in-turn will benefit businesses and create opportunities for which real estate is essential. The lack of supply of homes is making it difficult to find a home in GTA. At the moment, people are moving to cities such as Vaughan, Bradford, Newmarket, Aurora, Milton, Stouffville, Pickering and Whitby to gain affordable and profitable properties for the long run. In the long run, there may be a drop in prices by an average of 20% basis the market style, the industry is currently portraying. Fundamentals of housing cannot really make a concrete evaluation as the human market demand is an emotional call.
As far as Peel region is concerned, the average detached house price rose 42% in the 416 districts to an astonishing media of $1,475,758. Houses rose 58.5% in the 905-area code to a high of $1,175,753. This trend is expected to continue and in peel region where in shortage of supply combined with historically low interest rates will push the cash rich buyer to look for bigger properties. The resumption of the immigration will increase the ever-growing demand for the house. Brampton & Mississauga market will have prices that are expected to grow in double digit and demand is going to be more than the supply.
Factors that will influence 2021’s real estate market:
More demand than the in-stocked inventory of Houses especially in GTA
Changing demand for commercial spaces because companies are implementing Work From Home practices.
Investment and development strategies in real estate are now emerging as key investment strategies more so right now
Sparing home spaces now to gain in extra inflow of income has also become a huge aspect of housing and real estate as there is going to be an influx of immigrants into the country very soon.
About Save Max Group of Companies: Save Max Real Estate is one of the fastest growing brokerages and opened its first real estate office in Brampton in 2010. From making history in the field of real estate by achieving $100 million sales volume within 16 months of inception to achieving $4.8 billion sales volume and 9000 transactions until today, Save Max has always strived to stay true to its beliefs to deliver an exceptional real estate experience to all its valued clients.
The City of Brampton is home to Save Max and the company has had the opportunity to serve the residents and provide incomparable real estate services for past years and will keep doing the same in the future. Save Max is expanding and operating with 36 Franchisees all across Canada today.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
