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Real Estate Growth Opportunities – Toronto

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As assessed in the RE/MAX Fall 2021 Housing Market Report Outlook, housing supply sparsity is the prevailing pattern in toronto real estate. Just like the rest of Canada, where the seller’s market conditions are existing in 26 of 29 regions.

These circumstances are expected to persist in the fall, especially as COVID-19 constraints continue to ease. Open house activity this fall will continue to be a good measure of market strength and will indicate the level of confidence in the market between both sellers and homebuyers.

Youthful families are anticipated to continue driving demand in Toronto’s housing market. Trade-up and first-time buyers are expected to be the dominant prospects in the region.

Detached-single homes have seen the biggest increase in residential sale prices on average, up to 14.6% year on year. In the meantime, townhomes witnessed a price growth of 10.6% on average, and condo prices grew by 4.2%.

Compared to 2020, total unit sales across all property types have increased by 28% in 2021. Studying the bigger perspective, real estate in Ontario has witnessed one of the highest single-detached price gains in the state. With 13 out 16 Ontario housing markets assessed in the report seeing a growth between 20% and 35.5% year on year.

The markets that went through a price growth below 20% are Mississauga (+19.7%), Thunder Bay (+17.1%), and Toronto (+14.6%).

While townhomes and condos in smaller suburban Ontario housing markets like London, Kitchener, North Bay, Southern Georgian Bay, and Peterborough. The predicted price outlook for the remaining year ranges from a 2% price drop in NorthBay to an increase in other regions between 2% and 15%.

 

Housing market trends

The situation in Toronto’s housing market is seen throughout the country. As single-family homes see the highest price increase year on year in 2021, growing between 6.8 and 27.3 % throughout 26 or 29 markets that were surveyed.

And just like the real estate market in Toronto, the activity in this property segment is being pushed by a powerful demand from young families, this trend is expected to continue across the fall this year.

In the remaining months of 2021, the residential price in Canada, across all housing types is expected to increase by 5% on average.

Housing activity during the pandemic has remained strong, so it’s no surprise that the outlook for the year  remains positive continuing on an upward path. This is fantastic news for homeowners and their equity. But is challenging for new buyers who’ve been displaced and priced out of the market.

That said, educating Canadiens using a practical real-world perspective is important. Telling them about what is affecting the Canadian housing market currently matters. Because factors like economic stimulus, low-interest rates, a higher savings rate, homeowners being too afraid to sell, increased home-buying budgets, and no sufficient new construction are all contributing factors affecting market conditions at present.

In the past, the Canadian housing market has granted homeowners valuable long-term returns and sound financial security. But the rapid growth experienced recently is certainly a cause for concern.

Research shows detached single home price increase may be starting to level off in a few urban centers, but prices continue to grow in smaller communities and cities that were a hub for affordability in the past.

Real estate has certainly seen a boon in the Canadian economy before the pandemic and during its spread. To attain the long-term health of Canada’s housing market, addressing the housing supply shortage is important and must be acknowledged.

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Montreal real estate prices soar 21% amid lower listings, sales in November – Global News

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The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20 per cent compared with a year ago.

The association says sales for the month totalled 4,402, a 17 per cent drop from 5,296 in November 2020.

Read more:

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New listings amounted to 5,056, down 14 per cent from 5,848 last November.

The median price of a single-family home soared by 21 per cent compared with a year ago to reach $525,000, while condos went up by 18 per cent to hit $374,000 and plexes with two to five units had a 15 per cent spike pushing them to $725,000.

Read more:

Montreal October home sales down from record level last year, but prices up

Apart from condominiums, which saw a slight decline, the association says the median prices were also up from October 2021.

Charles Brant, the association’s director of market analysis, says he noticed a lack of supply and persistently high demand last month that placed pressure on prices and encouraged potential sellers to get into the market.

“The announcement of an earlier-than-expected rise in interest rates no doubt motivated potential sellers to advance their project in order to benefit from the sustained activity and the opportunity to sell at the best price,” he said in a statement.

© 2021 The Canadian Press

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Montreal real estate prices soar 21% amid lower listings in Nov.: brokers group – moosejawtoday.com

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MONTREAL — The Quebec Professional Association of Real Estate Brokers says November home sales and new listings fell in Montreal as prices soared by more than 20 per cent compared with a year ago.

The association says sales for the month totalled 4,402, a 17 per cent drop from 5,296 in November 2020.

New listings amounted to 5,056, down 14 per cent from 5,848 last November.

The median price of a single-family soared by 21 per cent compared with a year ago to reach $525,000, while condos went up by 18 per cent to hit $374,000 and plexes with two to five units had a 15 per cent spike pushing them to $725,000. 

Apart from condominiums, which saw a slight decline, the association says the median prices were also up from October 2021.

Charles Brant, the association’s director of market analysis, says he noticed a lack of supply and persistently high demand last month that placed pressure on prices and encouraged potential sellers to get into the market. 

“The announcement of an earlier-than-expected rise in interest rates no doubt motivated potential sellers to advance their project in order to benefit from the sustained activity and the opportunity to sell at the best price,” he said in a statement.

This report by The Canadian Press was first published Dec. 7, 2021.

The Canadian Press

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Ottawa home prices rose 19% year-over-year in November: real estate board – Globalnews.ca

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Ottawa housing prices continue to climb as 2021 draws to a close. It’s a trend real estate experts expect to continue in 2022.

The Ottawa Real Estate Board said that November’s average sale price for a condo was $432,099, while the typical residential-class home sold for $716,922. Both represented increases of 19 per cent over average sale prices in November 2020.

Though those figures represent significant jumps year-over-year, OREB President Debra Wright says that the month-to-month prices from October to November were relatively steady in the residential market and up seven percent for condos.


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How the pandemic sparked rise in sight unseen home-buying – Oct 2, 2021

“This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021,” Wright said in a statement. “However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.”

RE/MAX said in its 2022 Canadian housing market outlook last week that Ottawa average home price is expected to rise a further five per cent next year. That’s below estimates for other large markets in Ontario, such as Mississauga (14 per cent), Toronto (10 per cent) and Brampton (eight per cent).

In Ottawa as well as those other cities, RE/MAX said home prices could feel pressure as increased immigration levels further constrain supply levels.

Read more:

Canadian homebuyers facing weeks of move-in delays tied to supply chain snags

The OREB projects housing inventory in Ottawa is currently at a one-month supply, with the 1,430 units added to the market last month representing a 27 per cent drop from October and a 13 per cent decline from levels in November 2020.

While sales sit at “30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential buyers,” Wright said.

OREB members meanwhile sold 1,459 properties in November, a drop from the 1,605 seen in the same month last year. Sales figures were unseasonably high during this period in 2020, however, as more homes were sold in the fall because pandemic-driven lockdowns and general economic anxiety pushed demand from the usually busy spring and summer to later in the year.

November 2021’s sales volumes were still above the five-year average of 1,348 total units sold in November.

Realtors with the OREB have also gotten more involved with rentals in the past year, helping nearly 4,500 tenants find new units so far in 2021 compared with 3,120 such deals this time last year.


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Cost of housing biggest crisis outside the pandemic: Singh


Cost of housing biggest crisis outside the pandemic: Singh – Nov 28, 2021

© 2021 Global News, a division of Corus Entertainment Inc.

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