8 Elm Condos.The average house price will rise by another 5%? RE/MAX of Canada has released a market report entitled “Canadian Housing Market Outlook for the fall of 2021”.Please Visit: 8 Elm Condos to Get Your VVIP Registration Today!
According to its real estate agents and brokers across Canada, average housing prices across Canada can be expected to rise by another 5% in the final months of 2021 (September to December), the report said.
Among them, average house prices of various types in Vancouver are expected to rise by another 2-5% from September to December this year, Victoria by another 5%, and Nanaimo by another 9%. Therefore, the temperature in BC province will drop in the coming months, but house prices will not fall.
RE/MAX also said that of all the 29 local Canadian markets it tracks, 26 are currently in a “seller’s market” with strong demand and supply shortages.
According to the report, judging from market indicators, market activity across Canada will be stable in the last few months of 2021, so the national average price of all types of housing may rise by another 5% during that period.
House prices have risen significantly across Canada from January to August. Take independent houses with the biggest price increases. From January to August this year, the average price of independent houses in the 26 markets tracked by RE/MAX rose by 6.8% to 27.3% compared with the whole of last year, such as a rise of 16.4% in Vancouver. The rising trend of independent house prices will continue “driven by strong demand from young families”.
House prices are rising across Canada, driven by low supply and high demand, but even more pronounced in big urban areas such as Toronto and Vancouver. In this case, the “alternative market” in big cities may become the second choice for home buyers, such as Lanli, Abbotsford and Misson in BC province, and Emminton and Calgary in Ai province. The relatively low local housing prices, coupled with low interest rates and the continuation of the trend of working from home, have attracted many buyers to buy homes. According to RE/MAX, there will still be many buyers going to the “alternative markets” in the final months of the year.
Compared with the average house prices for the whole of last year, prices in Nanaimo, Victoria and Vancouver in BC province all rose significantly from January to August, such as detached house prices up 23 per cent, 19.1 per cent and 16.4 per cent respectively.
As an “alternative market”, from January to August this year, Nanaimo not only rose 23% compared with the whole of last year, the largest increase in the province, but also the highest price increase in apartments and urban houses in the province, at 17.6% and 65.8%, respectively. The increase in urban housing is even as high as 65.8%, the highest in Canada. However, at present, the average price of apartments in Nanaimo is 343000 yuan, while the average price of urban houses is 512000 yuan, which is still relatively affordable.