festival condos vaughan.House prices in small towns in Ontario, Canada have soared by nearly 50% a year! These years have been crazy for the Canadian real estate market, especially this year.Please Visit: festival condos vaughan to Get Your VVIP Registration Today!
In Ontario, there has been an unprecedented crazy trend this year, with large numbers of Toronto people flocking to small towns to buy houses because they can work from home. As a result, house prices in small towns in Ontario have been pushed up, and prices have gone crazy.
According to BlogTo, some people may think that nearly two years after the pandemic, people who move from the crowded and cramped Condo in the city center to big country houses may change their minds. But this is not the case. In some small towns in Ontario, the demand for housing is still soaring, even more recently than at the beginning of the epidemic.
Ontario’s Bancroft is a case in point. The mining town had only 3881 people in the 2016 census, but the influx of new residents in recent years has led to a sharp rise in house prices.
The so-called surge is not compared with that before the epidemic, but house prices here have risen by nearly 50% in the past 12 months, which is really amazing.
Analysts report that house prices in Bancroft hit another record high in October 2021.
“the rapid change in lifestyle at the beginning of 2020 was a factor in the increase in real estate prices across Canada, with demand surging most in small towns in Ontario,” RE/MAX wrote in a report released last week.
“the town of Bancroft has completely experienced this situation, for example, it set a new monthly sales record in March 2021. This trend continues for most of 2021, but unit sales begin to slow slightly. ”
The slowdown in sales in Toronto is related to the rapid rise in prices. So the same is true of Bancroft, a small town about a 2-hour and 45-minute drive northeast of Toronto? Or is there not enough housing at all?
“October 2021 set a new record for the lowest number of active residential listings since the 1980s, with only 58 units on the market by the end of the month,” the report said. ”
“like many other Canadian real estate markets from east to west, the level of supply has not kept pace with the fierce demand for housing.”
The real situation of Bancroft now is that according to the MLS house price index composite / single-family housing benchmark price, the average annual house price is $470,800, which is 48.3% higher than last year! It’s unbelievable.
“if you compare the average price of all homes sold in October 2021, it is also up 33.9% over the same period last year,” RE/MAX points out. “the average price of a house sold that month was $574563.”
In July, Ontario Bancroft was named the most desirable place to buy a home in Canada, according to a report by real estate company Zoocasa. Because its affordability, location and growth potential are among the best.
Bancroft is located at the confluence of Highway 62 and 28 between Toronto and Ottawa. Close to Algonquin Provincial Park and Ontario Resort area. Resort areas in Ontario are booming, in part because more people are working remotely as a result of the epidemic.
Ontario dominates the list of Canada’s most valuable real estate in the report. The top three are all in Ontario! Except for the first place is Bancroft, the second place is Ontario Woodstock/Ingersoll, and the third place is Ontario London/St. Thomas.
While it’s hard to say what will happen in the future, real estate agents at RE/MAX say the real estate market in small towns like Bancroft should slow slightly, but they have always heard that prices in Toronto are going to slow, and the reality is that the bubble continues to grow.