It is Expected Strong Start for 2021 Canadian Real Estate Prices
Monday Feb 01st, 2021Share
While the rest of the economy struggles amid the coronavirus global pandemic, the Canadian real estate market continues to flourish in times of uncertainty. Last year, Canada’s housing sector accelerated, surprising even industry veterans who have seen it all in their careers. It looked like the real estate market was the only segment of the national economy that was immune to the COVID-19 public health crisis. From major urban centres to rural communities, record-setting growth in sales activity and prices was the norm rather than the exception, despite a deep recession and a pandemic.
According to the Canadian Real Estate Association (CREA), national home sales established another record high to cap off 2020, rising 7.2 per cent in December and 47.2 per cent year-over-year. The national average sale price surged 17.1 per cent in December.
Canadian real estate sales ballooned at the fastest pace since 2010, and homebuyers are scooping up properties throughout the various seller’s markets as quickly as possible. Lower inventories, ultra-low borrowing costs, immense demand, and evolving consumer behaviours are all elements to explain what is transpiring amid the coronavirus pandemic housing market. Since these aspects are unlikely to change in the coming months, it is not easy to foresee a slowdown in the Canadian real estate sector.