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The Canadian Real Estate Association said sales were also strong, with November sales up 0.6 per cent from October.
Typically, property market activity peaks in the spring, then declines in summer and autumn, and slows further in winter, which is supposed to be off-season.
But this traditional trend was broken in 2021 because this year’s sales have already broken the previous annual sales record in the last two months.
In addition, according to the latest survey by real estate company Royal LePage, house prices in Canada as a whole rose 21.4% in 2021 and will continue to rise 10.5% next year, with even bigger increases in Toronto, Vancouver and Halifax.
Phil Soper, President and CEO of Royal LePage, said in a statement: “although some people think that current Canadian housing prices are overvalued, all indications are that demand still exceeds supply, so house prices will continue to rise sharply.
Soper says there are many reasons for the strong demand, such as increased immigration, telecommuting, low interest rates, and people saving more money because of the epidemic’s inability to travel or fewer recreational programs.
The report also said that the Greater Mongolia region is expected to grow by 8% in 2022, and that demand for apartments will pick up. This is because the price of detached houses has exceeded the affordability of some buyers, so these buyers will have to choose apartments.
Canadians are out of breath after soaring house prices during the epidemic, and finding a house has become an ordeal. Recently, an Ontario couple complained that every time they took a fancy to a house at the right price, they couldn’t buy it at the original price, and almost always had to add 10-20w Canadian dollars to buy it, let alone a counteroffer.
According to CTV News, Catherine Quick (Kathryn Quirk) and her husband Tom are choosing their first home. However, the excitement of choosing a house last year has long been lost, and now it has become an arduous task, and every time they look at a house is an ordeal.
The couple, who live in Waterloo, Ontario, often encounter a common situation: every time they find a house at the right price, they not only fail to repay the price, but even have to buy it at a price higher than the asking price of 10w-20w Canadian dollars.
“in that case, we can either move to a small town far from the city, move directly out of Ontario, or continue to rent, and every option here frustrates us,” Catherine told reporters. ”
The national average house price exceeded C $72w in November, up nearly 20% from the same period last year, according to the Canadian Real Estate Association.
“the real estate market is hot,” Elan Weintraub, co-founder of Mortgage Outlet, told reporters. In fact, that’s not enough. It’s not hot anymore. It’s almost burning. ”
“COVID-19 ‘s epidemic has made it difficult for many people to buy homes in the next 30 to 40 years,” said Shaun Cathcart, senior economist at the Canadian Real Estate Association.
At the same time, existing buyers are battling a group of people trying to take advantage of low mortgage rates.
“We’re talking about banks where parents save money, and many parents are withdrawing money from their property to help their children buy real estate,” Sean said. ”
This is one of the factors driving up house prices in Vancouver and Toronto. A recently listed two-story semi-detached house was sold at a high price of 171w just a day after it went public, which is a full C $21w higher than the listing price.
MLS has sold more than 630000 homes so far this year, up from 550000 in 2020.
Experts say the supply crunch will continue and prices will rise further next year. Although price growth in 2022 is not expected to be as extreme as this year, rising house prices will not ease the pressure on home buyers, according to the CREA forecast released on Wednesday.