Will Canada`s real estate market stay hot this winter?
Thursday Dec 03rd, 2020
Since the start of the pandemic, Canadian homebuying behaviours have shifted immensely, with many urbanites relocating to the ‘burbs in search of more space as the work-from-home trend continues.
As such, both sales and prices are up, which raises the question: will the Canadian housing market maintain this upward trend as we head into winter?
The Federal Reserve Bank of Dallas recently published a report that analyzed the real estate markets in the Group of Seven countries during the second quarter. According to the report, Canadian residential real estate prices reported the biggest jump in the G7, rising 2.42% from Q1-2020. The next biggest jump by a G7 country was France, rising 1.71%. This occurred in Canada despite soaring vacancy rates and very little immigration during the April-to-June period.
To get a better understanding of the Canadian housing market, experts shared the average sales prices and the year-over-year growth from August.
Greater Toronto Area: $890,400 (+11.1%)
Greater Vancouver Area: $1,038,700 (+5.3%)
Ottawa: $517,800 (+19.9%)
Greater Montreal Area: $408,200 (+16.4%)
Halifax: $372,982 (+18.1%)
So, all signs point to a hot winter market ahead.