It’s been a record-breaking year for Canada’s real estate market so far, with interest rates at an all-time low, and housing prices at historic highs.
National home sales in Canada have set a new annual record this year, rising 8.6 per cent from September to October.
The total sale of single family one-storey and two-storey homes, as well as townhouses and apartments, saw month-over-month increases across about three-quarters of all local markets, including all major Canadian cities.
The HPI, a tool used to gauge home price levels, is based on the values assigned to different housing attributes as they evolve over time.
“If you’re a real estate agent or you’ve been trying to sell your house, that’s a great thing.
These figures are largely affected by activity in the Greater Toronto Area and Greater Vancouver, which are known to be two of the country’s most active and expensive housing markets.
House prices in Toronto have been generally high for quite some time now, notes Desmond Brown, a real estate agent with Re/Max Hallmark Realty Ltd.
“We’re still seeing sale prices going over asking, however, we’re not getting as much activity,” he told CTVNews.ca over the phone on Tuesday.
With so many homes selling over asking price, it begs the question of whether or not people are getting the best bang for their buck.
When looking at Greater Vancouver and the surrounding area, Adil Dinani, a real estate agent with Royal LePage West Real Estate Services, is noticing that sellers who were anticipated to place their houses on the market in the fall, are instead staying put.
Just last month, there were 4,049 new listings for detached, attached and apartment properties on Metro Vancouver’s MLS system.
That, combined with policies providing income support and fewer things to spend money on, meant Canadians had the wherewithal to spend, explains Porter.
Residents are in search of more space right in their own backyards Winter explains, whether in the form of office space or outdoor space with easier access to natural attractions.
“The biggest policy lever we have in this country is interest rates,” he said.
“We had a lot of pent-up demand after all the shutdowns across the country due to COVID,” he said.