What to Expect in the Canadian Real Estate Market
The consistent high house prices are starting to have some people concerned if they will be able to purchase their own home in the next couple of years. The Canadian Real Estate Association shared last December that throughout 2021 the average house price is expected to hit $620,000 in Canada.
Home sales in February increased 39.2% compared to just one year ago, and with the average price hitting $678,091, there has been a rise of 25% from a year earlier.
Canadian Mortgage Rates
One option several people are looking at to be able to still purchase a home is the very low interest rates. For as low as 2% in the second half of 2020, it doesn't look like it will be fading away this year. For current homeowners it may be a good time to look at these low interest rates before they start to climb back up again.
Good Time to Purchase a Condo?
Along with the low interest rates there has been a dip in the demand for condos last year as well. The few major cities include Toronto, Vancouver, and Montreal. With a decrease of 8.5% last October it is starting to slowly come back to pre Covid-19 prices, but there is still quite a bit of places currently on the market. If you're looking to buy a condo now you may be able to secure it at a bit of a deal. The prices will be returning to normal closer on in 2022. Once people are able to resume travel and move around there will be a definite change in the hot housing market.
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