Canadian housing market to remain strong, say RE/MAX brokers
-Young families driving demand for single-detached homes in cities across the country
-Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents.
-26/29 major Canadian housing markets analyzed are seller’s markets, driven by lack of supply and high demand.
Unsurprisingly, Ontario has seen some of the highest average residential price increases across single-detached homes in the country, with the majority of regions (13 out of 16), experiencing increases between 20 and 35.5 per cent YoY.
The condo and townhome segment in all of these regions has also performed well, with smaller and more suburban markets such as Kitchener, North Bay, London, Peterborough, and Southern Georgian Bay seeing a higher surge YoY. The estimated price outlook for the remainder of the year ranges from a two-per-cent price decrease in North Bay, to increases across the other regions ranging between two and 15 per cent.
READ THE FULL REPORT https://blog.remax.ca/canadian-housing-market-outlook/
MARKET UPDATE FOR GUELPH
September is usually when the real estate market gets back on track after taking a summer break. Once the kids are back in school, buyers are ready to start looking for homes again. The number of sales for Guelph in September (188) decreased 12% from August. The average sale price increased about 3% to $769,000 or $507 per square foot. This stat included all residential sales, condos etc. The average time on market for MLS sales dropped slightly to 14 days. Sellers received on average 109% of their asking price which means that homes were still selling slightly more than asking price on average.
Going forward into October, there are only 92 active listings which represents about 2 weeks worth of housing inventory. This low inventory, high demand, seller’s market will continue to rule for at least the remainder of the year.
Are you thinking of making a move? Put RE/MAX, real estate’s premier brand and my 20+ years of real estate experience to work for you! Call/text/email/DM me and let’s get started with a free home evaluation and custom marketing plan!
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