While many Canadians have been seeking larger homes outside of urban centres, demand for properties in Canada’s largest urban centres have remained high.
Ottawa’s aggregate price increased 14.9% year-over-year to $568,608 during the fourth quarter, the greater regions of Montreal, Toronto and Vancouver increased 12.4%, 10.4% and 7.2% to $487,380, $936,510 and $1,155,346, respectively.
“Throughout the second half of 2020, buyers were looking for as much space as they could afford. While many buyers shifted their target neighbourhood away from the city centre, so few properties for sale meant that most detached listings saw multiple-offer scenarios,” said Debra Harris, vice president, Royal LePage Real Estate Services Ltd, referring to the Greater Toronto Area market. “2020 did bring some balance to the region’s condominium market but larger units, often in the greater region, are still in high competition.”
