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The Canadian Real Estate Association (CREA) predicted on March 15 that home sales will continue to be strong this year, with home sales reaching an all-time high, a trend that is not expected to moderate until 2022.
As early as the second half of 2020 and early 2021, the Canadian real estate market returned to the seller market and once again opened a bidding war for buyers. Even houses in the suburbs or old houses that need to be renovated are scrambled by different buyers.
In December, the average home price in Canada hit a record of $607280, an increase of 47.2% over the same period last year. In January, the figure was refreshed again, with the average price reaching a record $621, 525, up 22.8% from the same period last year. Home sales in February were up 6.6% from January, and the average house price reached a record $678, up 25% from the same period last year.
The real estate market in not only big cities but also small cities is heating up rapidly. It is not limited to traditional hot real estate markets such as Toronto or Vancouver.
On March 29th, Marshall Self, director of Google’s Canadian financial industry, pointed out that Canadians’ interest in buying homes in remote areas has risen sharply since 2020. More and more Canadians are moving out of cities in search of different living environments and spaces.