Canadian Housing Market Fall 2021 RE/MAX Report
Canadian Housing Market Fall 2021 Expected to Remain Strong
Canadian housing market prices are anticipated to increase by 5% in the remaining months of 2021, according to RE/MAX brokers and agents.
“This is particularly relevant given the Canadian housing markets is often a good indicator of economic activity in the country, and with the Bank of Canada forecasting economic growth of 4.5% in 2022, a strong fall housing market is a good sign that things may be starting to return to a more natural rhythm” says Christopher Alexander, Senior Vice President, RE/MAX Canada.
This feels reassuring amidst recent fears of an impending housing market crash, especially given that the Bank of Canada too is keeping interest rates at status quo.
Key Findings
- Young families first time home buyers 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.
- 27/30 major Canadian housing markets analyzed are seller’s markets, driven by lack of supply and high demand.
Ontario
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% YoY. The outlier markets that experienced price increases below 20% include Toronto (+14.6 per cent), Thunder Bay (+17.1%) and Mississauga (+19.7%).
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 2% price decrease in North Bay, to increases across the other regions ranging between 2% and 15%.
Price Comparables across the GTA & Hamilton
| MARKETS | AVERAGE SALE PRICE, RESIDENTIAL | Outlook for Remainder of 2021 (Sep-Dec) All Property Types | ||||||||
| SINGLE DETACHED | % CHANGE | CONDOMINIUM | % CHANGE | TOWNHOME | % CHANGE | |||||
| 2020 (Full Yr) | 2021 (Jan-Aug) | 2020- 2021 | 2020 (Full Yr) | 2021 (Jan-Aug) | 2020- 2021 | 2020 (Full Yr) | 2021 (Jan-Aug) | 2020- 2021
| ||
| Hamilton | $686K | $856K | 24.8% | $377K | $460K | 21.9% | $543K | $684K | 26.0% | +2% |
| Burlington | $1,091K | $1,389K | 27.3% | $501K | $589K | 17.5% | $671K | $814K | 21.4% | +2% |
| Oakville | $1,571K | $1,892K | 20.4% | $639K | $749K | 17.2% | $874K | $1,055K | 20.8% | +5% |
| Mississauga | $1,280K | $1,532K | 19.7% | $529K | $571K | 8.1% | $655K | $757K | 15.5% | +5% |
| Brampton | $970K | $1,200K | 23.7% | $459K | $500K | 8.9% | $715K | $836K | 16.8% | +3% |
| Toronto | $1,477K | $1,692K | 14.6% | $673K | $702K | 4.2% | $835K | $924K | 10.6% | +7% |
Source: remax.ca
View Full Charts here for Western Canada, Atlantic Canada & Ontario:
Canadian Housing Market Fall 2021 Outlook – Parts of GTA & Hamilton
