“We’ve been experiencing a chronic shortage of housing supply for over a year, and inventory levels are steadily decreasing.
“Just about every listing receives multiple offers and ultimately sells above the asking price, many without conditions.
The number of available listing could further fall over the coming weeks and well into January, as families are now preparing for the holiday season and winter.
Additionally, a surge in demand is possible, ahead of the Bank of Canada’s possible interventionist measures of increasing borrowing rates to reduce demand and mitigate historic inflation.
Greater Toronto was the only region in the country where condominium price increases are forecast to outpace that of detached homes, with prices expected to rise 12% year-over-year to $764,000.
BC’s housing market has been heated since the middle of 2020, with pent-up demand driving price escalation throughout 2021.
“The lack of housing supply in Canada is a very real issue; one that cannot be solved overnight.