Toronto Condo Top producer . House prices are expected to rise 4.6% in the second half of the year
Toronto Condo Top producer . House prices are expected to rise 4.6% in the second half of the year. One-third of the people want to move to the suburbs. Canada’s real estate market is hit by a backlog of demand and low inventories over the past few months, and home prices are expected to rise 4.6 per cent in the second half of this year, nearly 1 per cent higher than the market outlook at the start of the year.
Re/Max ‘s autumn outlook report on the real estate market for 2020 said that the epidemic has made many people rethink their living conditions. A study commissioned by Leger, a pollster commissioned by Re/Max, found that 32 per cent did not want to live in the city center and went to live in the countryside or suburbs instead.
Although the market slowed from March to April, with sales down 70% from the same period last year, property prices across the country remained stable, the report said. Half of the property agents or brokers believe that there will be a moderate increase in property prices this autumn.
Home sales in Kilona, Saskatoon and Vancouver in Cassi resumed in May, with turnover exceeding that of the same period last year in May and June. Many buyers shelved their home ownership plans at the peak of the epidemic, but quickly entered the market after the period. Edmonton’s property market returned to pre-outbreak levels in June. The market in Cassi is expected to remain stable in the second half of this year.
The epidemic in Ontario was severe, with home sales in Niagara, Missouri Saga and Kichina-Waterloo falling significantly, but rebounded strongly in June after the economy reopened. Toronto remains a seller’s market because of its low inventory and strong demand. The increase in the number of new listings in the autumn reflects the willingness of both buyers and sellers to enter the market. Average house prices in Toronto are expected to rise 5 per cent in the second half of this year, 6 per cent in Hamilton, Benton and London, 10 per cent in Thunder Bay and Whiteberry respectively, and 14 per cent in Durham on average.
The survey also found that 48% of people want to live in a greener environment; 48% think that their residence near a hospital or clinic is more important than in the past; and 33% want a wider living area.