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Phil Soper, president and CEO of Royal Lepage, told Global News this week that it was the “COVID catalyst” that made house prices soar.
He confirmed that house prices in Canada rose by about 10% in 2020, twice the long-term average. House prices are soaring especially in rural areas, which are reported to be 11.5% higher than in the same period last year.
This year, the average price of a single-family home in the Canadian leisure market has risen to about C $453000. Similarly, the price of adjacent water housing has increased by 13.5%, with an average price of about C $498000. Prices for leisure apartments have also risen, by 9.7% to nearly C $281000.
In a report shared by Royal Lepage with Global News, it is speculated that the reason for the rise in house prices is that Canadians work from home. More than 50 per cent of people who buy these homes are for self-occupation, Soper says. According to experts, house prices are likely to continue to rise in 2021.
RE/MAX Canada, a global real estate chain, expects Canadian home prices to continue to grow healthily in 2021, and buyers who want to upgrade their homes will continue to drive activity in the housing market in many parts of Canada. The shortage of housing supply is likely to persist, which will pose challenges for home buyers and put upward pressure on prices. As a result of these factors, the 2021 housing market outlook report of RE/MAX Canada estimates that the national average housing sales price will rise by 4 to 6 per cent.
“since the summer, we have heard rumors that some families are considering changing their lifestyles by moving to less densely populated cities and communities,” said Christopher Alexander, executive vice president and director general for the Ontario and Atlantic region of RE/MAX, Canada. “this has triggered an unprecedented increase in sales in suburban and rural areas of Canada this year, and we expect this trend to continue in 2021.”
According to a survey conducted by Leger on behalf of RE/MAX, consumers remain optimistic about the real estate market despite the epidemic, with 52 per cent of Canadians seeing real estate as one of the best investment options in 2021 and expressing confidence that the Canadian housing market will remain stable next year.
Although many economists predict that the rising unemployment rate will have a negative impact on the Canadian housing market, the epidemic has directly affected only 6% of Canadians selling their homes, according to the survey. In addition, 40% of Canadians found their houses needed refurbishment during the pandemic, while 29% found they needed more space.
Do Canadians prefer cities, suburbs or remote areas when choosing where to live? In this regard, Canadians’ preferences are evenly distributed, accounting for about 1/3 of each place. But in fact, many suburban markets across the country are largely influenced by foreign buyers, and this area is also expected to boost market activity in 2021. This trend is evident in many places in Canada, with the north shore of Vancouver, Kingston, Monckton and the Greater Vancouver area being more prominent.
“despite the negative impact of the epidemic, we remain optimistic about the strength of the Canadian housing market,” said Elton Ash, executive vice president of RE/MAX Western Canada. “despite significant changes in buyer preferences this year, we believe that housing problems, pent-up demand and low interest rates will continue to drive real estate market activity in 2021.”
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.