Cross town Condos . Has the epidemic become a good medicine in the market? The COVID-19 pandemic has had a huge impact on various industries in Canada, but real estate is among the best.Please Visit: Cross town Condos to Get Your VVIP Registration Today!
Only in the first wave of severe epidemics, which fell sharply in March and April, and then rebounded steadily all the way. in the past December, sales and house prices in all major cities both rose, and some people in the industry lamented that the epidemic not only did not destroy the real estate industry, but seemed to become a good medicine for the market.
Among the major Canadian cities, the largest increase in house prices is likely to be in the GTA region, including Toronto. In December last year, the number of housing transactions in the Da Dolan area reached 7180, up 64.5% from 4364 in the same period last year. The average selling price rose 11.2% from a year earlier, with a net increase of nearly 100000 yuan in one year to 932222 yuan.
A total of 95151 houses were sold through TRREB’s MLS system in 2020, an increase of 8.4 per cent over 2019. For the whole of last year, the average selling price of all kinds of houses rose to $929, 699, an increase of 13.5%.
Another hot market, Vancouver, is similar, with home sales hitting an all-time high in December, but house prices rose less than Toronto, up 5.4% from a year earlier, compared with a benchmark price of $1.047 million, according to a report by the Huffington Post (HuffPost Canada).
Robert Kavcic, an economist at BMO, quipped in a note to clients: “it seems that all [the Vancouver market] needs is a pandemic.”
Kavich points out that Vancouver, which has long been known for its high housing prices, has since experienced several years of decline, but its sales rose in 2020 under the epidemic, up 22.1% from a year earlier.
He went on to joke in a note to clients, “No one thought that a pandemic would become a good medicine in the market.”
Calgary, another big city in Ghazi, is in worse shape than Vancouver and has been hit hard by falling oil prices, where the market has collapsed. But figures just released by the local real estate bureau say home sales in Calgary rose 40% last month from a year earlier, the highest level in the same month since 2007.
In the greater Montreal area, home sales also hit an all-time high last month, up 32% from the same period last year. But one thing that is similar to GTA in this area is that the condo/ apartment market is no longer booming.
Although condo prices in Montreal are still rising, rising 14% in a year, they are not growing as fast as independent houses, which have risen 22% in the past year, according to data released by the local real estate bureau.
Supply in the condo market in the GTA region has increased, but this is a sign of a decline in prices in the future, especially in the city of Toronto. The average price of condo in Toronto fell 4.6% in a year to $625,5828, while the price of detached houses rose 17.7% to $1.24 million.
Jason Mercer, chief market analyst at the Toronto Real Estate Bureau, pointed out that buyers are competing for detached houses that are in short supply, but the supply of new apartments has exceeded demand. This gives apartment buyers more options, which led to a decline in condo prices in the second half of last year, especially in the final months.