Landing condos . Experts are bad? but the Canadian real estate market is still growing by leaps and bounds.
Although some well-known international financial analysis companies and some Canadian economic analysts have repeatedly warned that the real estate market in some Canadian cities has become a bubble and there will be a significant decline in house prices in the medium term. But amid these “wolf” warnings, the Canadian real estate market has been growing by leaps and bounds since the spring.
According to the Canadian Association of Realtors, the average house price in the Canadian real estate market reached a record C $604,000 in September 2020, up 17% from the same period in 2019.
It is also hot in terms of housing sales. In September 2020, home sales across Canada were 20, 000 more than the all-time high.
Under the epidemic of COVID-19 pneumonia, a large number of Canadians have to stay at home for epidemic prevention and work at home, which makes detached houses with large living space and their own front and backyard become the preferred type of housing for home buyers. In particular, detached houses with relatively low prices in the suburbs are more popular.
Although Toronto and Vancouver, Canada’s main cities, are still very expensive cities for real estate, the biggest price increase in the Canadian real estate market in September was in the province of New Brunswick, which has few big cities, where house prices soared 31.36%. In second place is Nova Scotia, where prices rose 21.15; and Ontario, in third place, increased by 19.67%.
The province of Saskatchewan with the smallest increase in house prices in September was Saskatchewan, which rose by only 2.86%.
