Will Canada’s average house price increase in 2021?

The housing market frenzy that saw out the year 2020 is trending in most Western Countries. Canada’s housing market saw sales increase by 7.2% in December up from November 2020. It seems the need for home offices induced from the Covid-19 restrictions meant buyers were seeking larger dwellings which included backyards. The market is set to continue it’s upward moves as from November 2020 prices increased by 1.5% in December 2020.

This is a 13.1% rise since December 2019. Such strong statistics give indication that this is only the beginning With interest rates down, banks are seeing more lending especially to those new to the home buying market. The Canadian real estate association shows a record number of sale and purchase transactions to the total of 551,392 units.

The significance of local economics on this market surge is much less then than the overall, global factors that seem to be sweeping most of the western world seeing housing markets in the UK, Australia and NZ doing much the same. Another marked trend is the move to less populated rural areas with a spike of approximately 30% more from last year. Senior executives in the real estate sector are convinced that the number new listings in the 2nd quarter of the calendar year 2021 will have a major impact on the existing average house price of $610k.

 


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