Record real estate sales in Canada: forecasts for 2021

In recent months Canada has seen a rapid increase in demand for a variety of properties, the most popular of which are private homes outside of metropolitan areas. This trend is associated with a pandemic, since due to the lockdown people are trying to acquire comfortable housing with a personal yard, to be able to go outside for walks, even while in self-isolation.

Another reason is the reduced rates on mortgage loans. Potential buyers do not want to miss the chance to buy a home on favorable terms and choose not to postpone the purchase of a house or apartment, even if it was planned at a later time.

So, for example, in February of this year almost 40% more residential real estate was sold in Canada than in the same month a year earlier. The total figure represents more than 58 thousand houses and apartments. At the same time, the average cost of residential properties increased by 25% compared to February 2020.

What to expect at the end of 2021?

Experts predict that such high activity in the Canadian real estate market will continue until the end of this year. During this period, it is expected to observe the following statistics:

• the total number of objects sold will be about 702 thousand, which is 150 thousand more than was sold in 2020;
• the average price of housing will rise by 16.5% - to approximately $665 thousand.

As for 2022, according to experts it will be rather calm and the excitement in the real estate market will gradually decrease and stabilize.