Langstaff Gateway Condos location.Canadian house prices skyrocketed 21%. Home sales fell in January from a year earlier, but it was still the second-best performance of the month, with average prices climbing to record levels, according to the Canadian Real Estate Association.Please Visit: Langstaff Gateway Condos location to Get Your VVIP Registration Today!
Total housing sales nationwide in January were 33166, down 10.7 per cent from 37137 in January 2021.
On a seasonally adjusted basis, home sales in January were 55043, up 1 per cent from 54482 in December.
“the reality is that people are not ready to sell and there is very little supply on the market,” said Davelle Morrison, a broker at Bosley Real Estate Ltd in Toronto. ”
“I have three apartments listed at the end of February or early March, and January is a little early for them.”
In January, the average house price in Canada reached a record 748450 yuan, up 21% from 618587 yuan in the same period last year.
Excluding Greater Vancouver and Greater Toronto, Canada’s most active and expensive housing markets, national average prices fell by nearly 160000 yuan, CREA said.
The average house price in most and warm areas exceeded 1.2 million yuan on a seasonally adjusted basis, up 5.7 per cent and 1.8 per cent respectively from December.
Claire Fan, an economist at RBC Economics of Canada, pointed out that house prices in major markets such as Toronto and Montreal led the increase, with prices up 3.5 per cent from December.
“House prices are growing slowly in prairie provinces, but even there, most markets are dominated by sellers,” she wrote in a report to investors. ” But Fan is hopeful that the market will become less frenzied.
She believes that deteriorating affordability, rising borrowing costs and increasing housing supply will gradually cool demand and restore some balance.
Toronto will rise by 100000 this year.
House prices in Toronto hit record highs at the beginning of the year in 2022. The runaway real estate market continues to push prices beyond the reach of the public.
If you think now, “the house price must not be more expensive”, then you may miscalculate. Experts stress that housing prices will continue to rise as a result of limited housing supply and strong demand.
According to the new market outlook released for 2022, the situation will get worse. Unless you are one of the lucky ones who are currently selling the house.
Real estate agency RE/MAX Canada’s “2022 Canadian Housing Market Outlook report” predicts that the upward trend in housing prices will continue after the housing market boom in 2021.
Last year, the average price of a detached house in Toronto rose 15.8% from a year earlier to C $1710304, followed by a town house, up nearly 12% to an average of C $935015.
Previously, apartments were one of the most affordable options for buyers in Toronto. But its price has also increased by more than 5%. By 2021, the average price of an apartment in Toronto has risen to C $709602. On average, the average price of all houses in Toronto is C $1054992 in 2021.
RE/MAX expects the average house price to rise by more than C $100000 this year alone, and the average selling price is estimated to reach C $1160491 in 2022, an increase of about 10 per cent.
Moreover, this rate of growth exceeds the growth level of 2020 and 2021. As a result, when you save for a down payment, the rapidly changing market may have deterred you.
The report does not focus on cross-provincial migration and “urban outflow” in Toronto, which is worrying in other cities, but Toronto is not worried.
RE/MAX said that the current situation, the increase in the number of immigrants in Toronto will put further pressure on Toronto’s housing supply problem in 2022.
And the rapid rise in house prices is not unique to Toronto. RE/MAX Canada estimates that average home prices in Canada will rise by 9.2%.
So before you start complaining that house prices in Toronto are growing too fast, know that they are still in line with the national average.