Langstaff Gateway Condos toronto . House prices are at an all-time high. Canadian house prices 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.Please Visit: Langstaff Gateway Condos toronto to Get Your VVIP Registration Today!
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. Soper says more than 50% of people who buy these homes are for self-occupation. 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 led to an unprecedented increase in sales in suburban and rural areas of Canada this year, and we expect this trend to continue in 2021.”