2020 was a wild year for real estate, from paused showings and sales, to hot markets in metro-area suburbs. As we all welcome the New Year, let us take a closer look at what the Canadian Real Estate Market will look like in 2021!
The condo market will pick up by 2021 Q2. Developers reduced pricing during COVID, so buyers will see an opportunity to purchase.
Statistics released by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020.
National home sales rose 7.2% on a month-over-month (m-o-m) basis in December.
Actual (not seasonally adjusted) activity was up 47.2% year-over-year (y-o-y).
The number of newly listed properties climbed 3.4% from November to December.
The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared back to record levels throughout the summer and fall. A strong economic rebound in many sectors of the economy, ultra-low borrowing costs and the enhanced use of technology for virtual open houses and showings fuelled and sustained the housing market recovery.
–Lisa Patel, TRREB President
While some sellers may wish to sell their home on their own, here are eight reasons to have a real estate agent:
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales continued running at historically strong levels in November 2020.
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Vancouver has finally, at long last, surpassed Toronto once again to become the most expensive market for one-bedroom rentals in Canada — an unwanted title the latter city has held since July of 2018.
