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Some real estate agents in Toronto, Vancouver and Montreal have revealed that their clients are getting a lot less offer from the homes they are watching or selling than they did in previous months.
Among them, an agent from Toronto said that the previous 1000-square-foot apartments and semi-detached houses priced less than 1 million had received at least 15 offer in the past, but now they have received only about five, a reduction of more than half.
The real estate agent attributes the reason to the fact that, under the influence of higher interest rates and inflation, many buyers have become more cautious and prefer to sit on the sidelines rather than risk entering the market.
Although home sales in Toronto, Vancouver and Montreal have all slowed since April, average prices are still higher than last year, according to the data.
To this end, many netizens have complained on the forum, and some netizens said: it is predicted that there will be a wave of breach of contract in June!
The following is an analysis of local market activity by RE/MAX real estate agents and agents in 2020, as well as their outlook for 2021. In the new year, 84% of the brokers and agents surveyed expect the seller’s market to remain in 2021.
The city of Vancouver and the Greater Vancouver area are good examples of sustained stabilization activities expected in 2021. The markets in these two regions are likely to remain seller markets next year, driven by low inventory levels, low interest rates and high demand, according to the RE/MAX broker network in western Canada. In the Greater Vancouver area, suburban communities such as Pitt Meadows,Ladner and Maple Ridge are expected to be the most sought-after areas next year because of relatively affordable prices and more outdoor space. Average housing prices in these areas are expected to rise by 4 per cent and 5 per cent respectively by 2021.
On the other hand, the markets in Calgary and Edmonton in Alberta are currently in balance, which is expected to continue until 2021. The luxury market in Edmonton will remain strong and does not seem to be affected by the epidemic. Average home prices in both regions are expected to rise by 2 per cent and 3 per cent next year.
According to Ontario’s RE/MAX broker network, market activity across the province is expected to remain stable in 2021, with average sales prices in some regions likely to rise by 7 to 12 per cent-10 per cent in London, 7 per cent in Kitchener-Waterloo, 7 per cent in Hamilton-Burlington, 12 per cent in Niagara, 10 per cent in Kingston, 10 per cent in Cornwall and 10 per cent in Sandbe. In addition to the fact that the supply is less than the demand, the housing purchase trend turning to livable factors has also become the reason for the rise in house prices. People began to pursue houses with larger interior space and backyards, and closer to amenities such as parks.