Home sales across the country are starting to fall back from highs seen earlier in the year, but the Canadian Real Estate Association still expects the number of transactions during 2021 to set a new record. May's 56,156 sales were a 7.4 per cent drop from April's 60,638, the association reported, and month-over-month sales declines occurred in close to 80 per cent of all markets.
Despite a slight ebb in sales over the last two months, market conditions remained tight enough to push the average selling price to a record in May. This was fueled by confidence in economic recovery and low borrowing costs.
More than two in five Canadians (41 per cent) say they’re not knowledgeable about buying or selling real estate, a recent Re/Max survey found.
Higher demand for rental housing in next few months expected to put pressure on rents if new listings can't keep up. TRREB registered 13,168 leases in the GTA during Q1 2021, predominantly in private dwellings comprising apartment condominiums and low-rise housing. Average rents decreased by 24% for bachelor units, while there was a 12.3% for hard-to-find 3 bedroom condo apartments.
A new survey by Zolo, one of Canada's most popular national real estate marketplaces, highlights the wants and needs of today's home buyers. Similar Preferences include:
.jpg)
Blind bidding. Houses priced well under market value. Average home prices skyrocketing. Homes selling for hundreds of thousands of dollars over asking. Welcome to the current norm in Canadian real estate. As such, homebuyers are more often than not finding themselves in uncharted territory.
.jpg)
