Real Estate - What To Expect In 2021
If you’ve been waiting in the wings of the 2020 real estate market with a chunk of savings hoping for house prices to finally drop in, 2021 probably won’t be any different. It's very likely again that the prices could continue to set new record highs.
The COVID-19 pandemic didn’t devastate Canada’s hottest housing markets the way some so called experts were predicting. In fact, in Toronto heavy competition for detached houses meant many back-to-back months of record-breaking prices.
One of the main reasons for this, ultra-low interest rates, introduced in the early days of the pandemic, are making those purchases particularly attractive for first-time buyers who haven’t seen their livelihoods jeopardized by COVID-19.
While bidding wars for houses are poised to heat up in many parts of the country, condos are a different story. All the experts agreed that small one-bedroom condos in downtown cores have already seen a price hit in 2020, and these prices aren’t expected to quickly rebound in early 2021.
That’s bad news for condo owners looking to sell, but possibly good news for anyone keen to buy a small space in hopes that, eventually, the perks of downtown living will return.
he Toronto real estate market has shown no signs of slowing down. Agents sold a record-breaking 10,563 homes in October, a 25-per-cent increase from the year prior. The same month, the average price for detached homes jumped to $1,204,844, a 14.8-per-cent increase from October 2019.
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