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A new report from Royal LePage predicts that the price of leisure housing in Ontario will rise by 17% in 2021, with an average price of 547207 yuan. Previously, it had risen by as much as 19% in 2020, especially when waterfront properties rose 21.5% last year.
Ontario’s expected increase is slightly higher than the expected national average of 15%, which will bring the average price of leisure housing in Canada to 502730 yuan.
According to the report, demand for housing in Ontario has been very high, especially in the Muskoka area.
“Muskoka, like many neighborhoods not too far from GTA, is particularly influenced by immigrants outside GTA and buyers who want to speed up the purchase of second homes,” said John O’Rourke, an agent at Royal LePage. “the scarcity of housing and a lot of market demand have created market competition that we have never seen before.”
The report points out that because demand is so high, many buyers have to make an average of 4 to 10 offers to buy a new property.
“at the same time, 69 per cent of real estate agents who mainly work with sellers said their clients received at least four offers on average, and 27 per cent of them said they had seen more than 10 offers for each listing,” the report said. “
The report also found that 87% of entertainment real estate professionals surveyed said that more than half of the properties available for sale on the market were priced higher than the asking price.
In the face of fierce competition, Royal LePage has found that even villas that normally attract little attention in Ontario have been in strong demand recently.
“Land O’Lakes is usually not a very high-profile area, but since the outbreak, supply has not been able to keep up with the growing demand, and since no one was able to travel last year, buyers of all ages and stages of life are looking for leisure properties that provide flexibility and network quality,” Royal LePage ProAlliance Realty said. This allows them to work remotely and have the potential to rent a house. “
These trends are happening not only in Ontario but also across Canada.
Phil Soper, president and CEO of Royal LePage, said: “from the east coast to the west coast, the line between primary residence and leisure housing is blurring. This trend began last summer when people had no choice to travel abroad. Obviously, with the access of high-speed Internet, people can work almost anywhere. “
The shift in working from home during the epidemic is a big incentive behind Canadians’ search for leisure housing, and it remains to be seen what happens to the market once the epidemic is over.
