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:

REMAX 2021 FALL HOUSING MARKET OUTLOOK

Canadian Housing Market Fall 2021 Outlook – Parts of GTA & Hamilton

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