Overview of Real Estate in Canada

Despite the Covid-19 pandemic, the Canadian real estate market has improved since the drop during the past two years. In this article, we have a look at some of the major points in Canada’s real estate market and how prices have escalated and bounced back to where it was years ago.

Real estate prices in Canada have risen by 9.36% during last year throughout the 11 major cities. This is the highest growth Canada has seen in a year since 2016. Looking only at the past year of 2020, house prices increased by 2.81%.

Now in 2021, demand for real estate has continued to rise. In December 2020, the sales numbers of real estate homes rose by 47.2% since 2019. This stands as the largest yearly increase in the past 11 years. In 2020, the total sales soared to a new record high of 551 392 properties.

Residential construction activity has also risen during 2020. Dwelling properties rose to 217 000 units in the same year, whereas 2019 saw a 2% decrease. This creates an increase throughout the eleven cities.

Recent national sales trends improved majorly and were surprisingly more than anticipated by many. It’s also important to understand that while sales grew to a record high, the new listings recovered to their five-year average in most of the markets.

The demand for homes compared with what is available in the market now means sales activity has been decreasing current availability. Due to this issue, the Canadian government is now considering introducing new tax laws for foreign homebuyers to prevent speculative purchases. This will also help to stop the problem of housing affordability in the country.

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