Canadian Fall Housing Market
The Canadian Fall housing market prices are expected to have a five per cent increase in what’s remaining of 2021. It was reported that 26 out of 29 of Canada’s major housing markets, were sellers markets.
There was also a high demand and a low inventory, which is what added to many bidding wars. “Early indicators from RE/MAX brokers and agents across Canada’s housing markets suggest steady activity for the remainder of 2021.”
When it came to single-detached homes, we experienced the bigger price increases compared to the same time last year. These increases were between 6.8 per cent and 27.3 per cent across all 29 markets. According to RE/MAX, they expect this trend to remain among young families and for it to continue into the fall.
“As our brokers and agents predict, the fall market activity is expected to remain steady, which is promising, despite the ongoing challenges presented by the Delta variant. This is particularly relevant given housing markets in Canada are often a good indicator of economic activity in the country, and with the Bank of Canada forecasting economic growth of 4.5 per cent in 2022, a strong fall housing market is a good sign that things may be starting to return to a more natural rhythm.” – Christopher Alexander, Senior Vice President, RE/MAX Canada.
Housing Overview for Ontario
When it comes to the housing market in Ontario, we saw the highest average residential price increases for single-detached homes. It was reported that the majority of the other regions had increases. They were between 20 per cent and 35.5 per cent year-over-year.
However, the outlier markets experienced prices below 20 per cent. This included Toronto, Thunder Bay and Mississauga. Condos and townhouses performed quite well in all of those regions. Smaller and more suburban markets such as Kitchener, North Bay, London, Peterborough, and Southern Georgian Bay had a higher surge.
“The estimated price outlook for the remainder of the year ranges from a two-per-cent price decrease in North Bay, to increases across the other regions ranging between two and 15 per cent.”
The REALTORs Association of Hamilton-Burlington September Stats
According to the REALTORs Association of Hamilton-Burlington (RAHB), there were a total of 1,226 residential sales. It was also reported that the average residential sale price was $881,656. This is a almost a five per cent increase from August 2021, and 22 per cent increase from September 2020.
RAHB also reported that in September 2021, there were 279 new listings in Burlington and that the average residential property price was $1,064,685. These are both increases when compared to the same time last year.
“After months of relatively flat prices, September’s historically low listing and inventory levels have moved the average sale price to a new record. The demand remains strong and the supply remains low. Overall, we need more supply on the market to meet the demands of buyers and investors. There’s nothing on the horizon to indicate that October will be any different.” – RAHB President Donna Bacher.
Contacting Lori VanDinther and Team
If you have any questions or concerns my team and I are here to answer them for you. We love connecting with our clients, this is because our goal is to help you find the home of your dreams. Please feel free to contact me anytime either by email or phone and I’ll do my best to help you! Myself and my team look forward to working with you!