festival condos in vaughan.House prices in small towns in Ontario, Canada have soared by nearly 50% a year! These years have been crazy for the Canadian real estate market, especially this year.Please Visit: festival condos in vaughan to Get Your VVIP Registration Today!
In Ontario, there has been an unprecedented crazy trend this year, with large numbers of Toronto people flocking to small towns to buy houses because they can work from home. As a result, house prices in small towns in Ontario have been pushed up, and prices have gone crazy.
One might think that nearly two years after the pandemic, people who left the crowded and cramped Condo in the city center and moved to big country houses might change their minds. But this is not the case. In some small towns in Ontario, the demand for housing is still soaring, even more recently than at the beginning of the epidemic.
Ontario’s Bancroft is a case in point. The mining town had only 3881 people in the 2016 census, but the influx of new residents in recent years has led to a sharp rise in house prices.
The so-called surge is not compared with that before the epidemic, but house prices here have risen by nearly 50% in the past 12 months, which is really amazing.
Analysts report that house prices in Bancroft hit another record high in October 2021.
“the rapid change in lifestyle at the beginning of 2020 was a factor in the increase in real estate prices across Canada, with demand surging most in small towns in Ontario,” RE/MAX wrote in a report released last week.
“the town of Bancroft has completely experienced this situation, for example, it set a new monthly sales record in March 2021. This trend continues for most of 2021, but unit sales begin to slow slightly. ”
The slowdown in sales in Toronto is related to the rapid rise in prices. So the same is true of Bancroft, a small town about a 2-hour and 45-minute drive northeast of Toronto? Or is there not enough housing at all?
“October 2021 set a new record for the lowest number of active residential listings since the 1980s, with only 58 units on the market by the end of the month,” the report said. ”
“like many other Canadian real estate markets from east to west, the level of supply has not kept pace with the fierce demand for housing.”
The real situation of Bancroft now is that according to the MLS house price index composite / single-family housing benchmark price, the average annual house price is $470,800, which is 48.3% higher than last year! It’s unbelievable.
“if you compare the average price of all homes sold in October 2021, it is also up 33.9% over the same period last year,” RE/MAX points out. “the average price of a house sold that month was $574563.”
In July, Ontario Bancroft was named the most desirable place to buy a home in Canada, according to a report by real estate company Zoocasa. Because its affordability, location and growth potential are among the best.