With talks of a housing crash looming for years now, developments in the real estate market have continued to negate such predictions. A survey commissioned by Bloomberg News found that 44% of Canadians expect property values to rise over the next six months.
In January, the Canadian Real Estate Association (CREA) saw housing prices continuing to soar, with the CREA reporting sales in January 2021 were up 35.2% compared to last year and up 2% from the previous month.
This increase also came as the national sales-to-new listings ratio grew to 90.7%, the highest percentage increase in 19 years. The national average price for a home in Canada also rose to a record $621,525 in January, a 22.8% increase from last year.
According to a survey by the Toronto Regional Real Estate Board (TRREB) in the Fall of 2020, many real estate investors are looking to sell in 2021. It’s only a matter of time when the real estate in Toronto will see a substantial surge in housing supply when the Spring market opens up.
Source: Yahoo! Canada