INFORMATION. cmhc.ca/housingmarketinformation. Published March 15, 2021 Updated March 15, 2021 . Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Central 1, the economists for the credit unions, predicts Toronto prices will rise 7% in 2021. Why the Canadian Housing Market Is Soaring in the Pandemic In Toronto this week, a rundown, one-car garage sold in three days for 729,000 Canadian dollars, or $576,000. During the peak lockdown period, many Torontonians reassessed their living situations, with RE/MAX brokers reporting increased interest in homes near green space, with more yard space and separate entrances, as well as in properties near Lake Ontario or other bodies of water. Canada Mortgage and Housing Corporation says historic household savings, low mortgage rates and pent-up demand are fuelling a soaring pandemic-housing market in Toronto … That is a huge increase of 64.5% in sales! The rate of new construction in the city is too low to meet the increasing demands of Toronto’s quickly growing population, which continues to put pressure on the market. Housing Market News Alerts. In terms of growth, townhouse prices beat out all other property types with a 29% increase yoy to $941K. Toronto Housing Market Outlook (Fall 2020), Toronto Housing Market Outlook (Winter 2019), RE/MAX 2020 Housing Market Outlook Report, St. John’s Housing Market Records Significant Gains in February, A Peek Inside Manitoba’s Hottest Real Estate Markets, Hamilton-Burlington Real Estate Continues to Soar, Activity Continues to Heat Up in These Nova Scotia Real Estate Markets, Positive Signs in Local Real Estate Markets Across Saskatchewan, 35% of RE/MAX brokers indicate that “move-over” buyers from other cities and provinces will continue to spark market activity in 2021, 45% of RE/MAX brokers indicate that move-up buyers will likely be a primary driver of the housing market demand in 2021, Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021, 52% of Canadians believe real estate will remain one of the best investment options in 2021, 48% of Canadians would like to live closer to green spaces, 48% of Canadians say it’s more important than ever to live in a community close to hospitals and clinics, 33% of Canadians would like more square footage in their home and have realized they need more space, 44% of Canadians want a home with more outdoor space and personal amenities (i.e. Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. Money is cheap. Please consult a licensed real estate professional before making a real estate investment decision. As a result, home prices continue to steadily increase, which has lead to some early signs of overheating in … This is compared to the 3.7% increase that was predicted in late 2019. Indeed, the average selling price of detached homes in North Bay Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. … The title of the article is, "How Canada's real estate market defied expectations in the COVID-19 pandemic." Additional highlights from the 2020 RE/MAX Fall Market Outlook Report Survey: About the 2020 RE/MAX Fall Market Outlook Report. Written By STOREYS Editorial Team . Canada’s housing market is in a “huge bubble” after months of runaway price gains, according to economist David Rosenberg, who was bearish on U.S. real estate before it crashed nearly 15 years ago. January 19, 2021 January 19, 2021. balcony, pool etc. Published: 12:40 PM Mar 8, 2021. Buyers have returned to the Toronto housing market after a brief but dramatic decline in activity at the start of the pandemic. Article content. Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Homes sold in the Toronto region topped $1 million (US$792,000) on average for the first time last month, with some suburbs and smaller cities recording price increases of 20 per cent or more … The report published Wednesday said “supercharged” demand driven in part by low rates, high household savings and improving consumer confidence will continue to push housing market activity in Canada to record highs. Low inventory has been a common trend across many Ontario housing markets in 2020, putting upward pressure on prices. According to the RE/MAX Fall Market Outlook Report, Toronto is currently experiencing seller’s market conditions, with few listings in most areas, demand continuing to exceed supply, and low interest rates enticing more buyers into the market. The highest forecast in a September Reuters poll of 16 economists was price growth of 16% in 2021, while the lowest prediction called for an 11% drop. Given that remote work is a widely available option, many Toronto buyers have been choosing homes based on affordability, often outside of the city, versus being close to their place of work within the core. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases. Meanwhile, sale prices for homes are expected to continue rising. Canadians are on the move. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. 18-Hour Cities Across Canada Will Continue to Drive Housing Demand Written By STOREYS Editorial Team . This migration outside of urban areas has been a common trend across many Canadian housing markets as well as regions abroad, as homebuyers seek more square footage and green space, and less density. “Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. The title of the article is, "How Canada's real estate market defied expectations in the COVID-19 pandemic." What’s in store for the 2021 Toronto condo market? Low inventory has been a common trend across many Ontario housing markets in 2020, putting upward pressure on prices. On Jan 27, 2021. With strong promises of stimulus from the Liberal government, including a revamped First-Time Home Buyer program and direct handout programs and promises of a continued low-interest environment by the Bank of Canada, there are significant tailwinds for the future of the GTA real estate market. Toronto’s housing prices have rapidly appreciated into the “unaffordable” realm and a price adjustment is simply inevitable. In this month's Move Smartly report, we look at key trends to keep an eye on in the Toronto real estate market during 2021. That is to say that sales and prices have been spiking in Canada's largest city throughout the first few months of 2021. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”. Prices have remained relatively stable with a year-over-year decline of 4% to $642K. Toronto's real estate market finally broke the one million dollar mark this Feburary as average sold prices for all property types reached $1.04M, a 15% increase over a year. In this month's Move Smartly report, we look at key trends to keep an eye on in the Toronto real estate market during 2021. As a result, home prices continue to steadily increase, which has lead to some early signs of overheating in … Leading indicators from RE/MAX brokers and agents across Canada’s housing market point to a strong market for the remainder of 2020. Carolyn Ireland. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. The Toronto housing market has experienced a rapid price surge throughout the Coronavirus pandemic. CANADA AND SELECTED MARKETS. Last modified: January 31, 2021. According to a survey conducted by Leger on behalf of RE/MAX Canada, 32% of Canadians no longer want to live in large urban centres, and instead would opt for rural or suburban communities. The lockdown measures that began in mid-March put an abrupt hold on what was primed to be a busy spring market, but this “pandemic pause” proved to be temporary. Here’s the deal; prices haven’t adjusted and they aren’t going to adjust anytime soon … Share. Toronto housing market to favour sellers in 2021, prices expected to rise 6% The Toronto housing market is expected to be in seller’s favour in 2021, characterized by a persistent supply shortage and rising prices. Detached home: A detached home is your standard single-family home. Toronto’s housing prices have rapidly appreciated into the “unaffordable” realm and a price adjustment is simply inevitable. PropertyGuys.com co-founder and lead market analyst Walter Melanson has compiled a list of trends he predicts will define the 2021 real estate market: 1. Sales of townhouses have remained subdued primarily due to low inventory. The Toronto housing market has experienced shifts in buyer demand prompted by economic factors, lifestyle changes and immigration in the wake of COVID-19. Canada’s housing market risks entering a speculative phase that could trigger new measures from regulators, economists at the nation’s largest banks are warning. So, while it’s clear that Canadians’ tastes have shifted, there is still huge demand for the popular Toronto housing market. In retrospect, it has been easier for townhouses to increase in price due to the $1M limit for CMHC insurance - townhouses remain, on average, eligible for a down payment of 7.5% or lower while other properties with prices above $1M require at least 20% down payment. Interest rates and employment/income growth will have the greatest impact on the market in 2020. The Toronto housing market sat in seller’s territory in 2019, and this trend is expected to continue next year. Housing market outlook 2021. The Toronto Regional Real Estate Board (TRREB) released its 2021 Market Outlook this week, predicting that low interest rates, incremental economic improvements and widespread vaccine distribution will keep the housing market hot. As Featured in the Move Smartly Report: Bubble-Like Conditions for Houses. Activity resumed in May and June in what would be a delayed spring market. Davelle Morrison, a broker with Bosley Real Estate Ltd., believes the spring market is … ). Sign up now for news alerts on the Canadian housing market. Housing Market Report for February 2021 Current Toronto MLS® stats indicate an average house price of $944,038 and 4,381 new listings in the last 28 days. But maybe the weirdest of all has been the U-turn in Canada’s housing market, which recovered from some weakness in early 2020 to post a rally that caught almost everyone off-guard — and has raised some difficult questions for policy-makers across the country. Rural regions are showing the biggest net-inflows of Ontario residents relocating within the … Transactions remained high, however, with 3,116 units sold in the month, a 63% increase from Feb. 2020. Rachelle Younglai . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Or, as it were, Toronto's housing market that same year. The Residential Property Price Index (RPPI) is a housing price index published by Statistics Canada that measures the change over time in selling prices of residential properties. As Featured in the Move Smartly Report: Bubble-Like Conditions for Houses. Canada’s housing market is on track to have another record-setting year in 2021 before returning to more normal levels in 2022. Buyers and sellers are coming back into the market earlier than expected, leading to the rapid activity this Feburary. RELATED: Top Realtors Predict What 2021 Has in Store for the Toronto Real Estate Market From condo-dense markets seeing an uptick in rental demand to mortgage rates remaining affordable, read on to learn Haw’s housing market predictions for 2021. Fred Lum/The Globe and Mail. Sales are likely to increase even further in the next few months as the weather warms and COVID-19 restrictions across Ontario ease up. Let’s look at Toronto’s Housing Trend in the past few months, from when the Pandemic Started. This is the headline that mainstream media has been using to sell ad space for the next ten years. Low inventory has been a common trend across many Ontario housing markets in 2020, putting upward pressure on prices. The North Bay housing market is expected to sit in strong seller’s market territory in 2021 due to a lack of housing inventory prompted by an influx of buyers from the south. Indeed, […] Toronto’s condo market is currently a buyer’s market, whereas the rest of the market favours sellers. Canada’s housing market continues to surge in 2021 and is not losing steam. Canada’s housing market may be heading for a soft landing at the end of the year after what could be a record-breaking 2021, a new report by RBC Economics said. They can be low-rise, mid-rise, or high-rise buildings. HOUSING MARKET . The Rental Market Reports provide in-depth analysis for major centres across Canada. The potential for a housing market crash in 2021. This is the headline that mainstream media has been using to sell ad space for the next ten years. From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Fred Lum/The Globe and Mail In … It’s official; Toronto is in a real estate and housing bubble. And people are clamoring for drivable vacation homes. Canada’s housing market is in a “huge bubble” after months of runaway price gains, according to economist David Rosenberg, who was bearish on U.S. real estate before it crashed nearly 15 years ago. Article content. Common freehold property types include: detached, semi-detached, some townhouses, and farmland. Limited inventory and high demand are making single-family houses in midtown one of the hottest segments in the high-octane Toronto real estate market. Virtual will become a reality. Indeed, the Toronto housing market saw average price rise to $918,883 in 2020 (Jan. 1-Oct. 31) compared to $819,832 in 2019 (Jan. 1-Dec. 31). Recent Toronto real estate forecasts predict rental prices will keep sliding until mid-2021, before recovering in 2022. DATE RELEASED: JANUARY 2021. Common condominium property types include condo apartments and some townhouses. Housing inventory continues to be scarce across the GTA, driving prices higher as buyers compete for a limited number of sellers. Average sale prices have increased by 15% in the past year and the average sale price in Toronto is now over $1 million.That is great news for existing homeowners! According to the RE/MAX Fall Market Outlook Report, RE/MAX brokers suggest that the average residential sale price in Canada could increase by 4.6% during the remainder of the year. With all of Ontario now in phase three of re-opening and consumers more comfortable engaging in the market, market activity in Ontario is expected to remain steady in the fall, with modest price increases of up to 6% in some regions. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. Plexes are multi-story buildings with two to four individual units, usually one on each floor. However, a slow vaccine roll-out, rising mortgage rates , and a depressed job market threaten to pose strong headwinds to further growth. As of today, Toronto housing data shows median days on market for a home is 21 days. Based on these factors, a 5% increase in the average residential sale price is expected in the Toronto housing market for the remainder of 2020. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Learn more about RE/MAX real estate franchise opportunities in Ontario-Atlantic Region and Western Canada. Rachelle Younglai's recent piece in the Globe and Mail does a great job summarizing Canada's COVID-19 housing boom. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors. Or, as it were, Toronto's housing market that same year. After nearly a year of dealing with, and working through, the COVID-19 health crisis, housing demand continues to outpace supply. Comments. As long as the market continues to face an imbalance between high demand and low inventory levels, prices will remain strong. Toronto Real Estate Board January February March April May June July August September October November December 0 2,000 4,000 6,000 8,000 10,000 12,000 TRREB Housing Market Charts