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In this episode of ‘How’s the market?’ we look back at the last ten weeks of hyperactivity, an increasing List Price to Sales Price ratio and spend a bit of time looking at average winning Bully Offers.
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At the start of the pandemic, economists expected the recovery of the housing market to take about 18 months, but remarkably, within three months, it went from a complete shutdown to normal volumes again.
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686 residential homes were sold in August, the most ever recorded for the month.
August’s home sales represent an increase of 48% compared to the same month last year.
The previous ten-year average number of residential sales for August is 470.
There are six notable regions across Ontario currently offering friendlier average home prices than what you’ll see in and around Toronto.
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Canada’s real estate industry has seen a smaller impact than the general economy during the pandemic.
Residential investment is residential real estate’s direct contribution to the economy.
It includes the construction of new houses, major renovation, and ownership transfers.
Drops in residential investment are considered red flags for the economy.
Residential investment as a percent of GDP in Q2 increased to 7.48% This is up from 7.25% last year.
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Canada’s real estate markets have seen prices soar, but condos are getting left behind. Canadian Real Estate Association (CREA) data shows only five major markets saw condo prices hit a new peak in July.
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In the world of real estate, we always talk about average this and that. We talk about the market as a whole (which is doing very well in every Canadian market). Link. But in most major markets, rental rates are down and the number of condos listed for sale last month are up. The entry level market is hot, but the number of families moving into the region is a little flat.
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Canadian real estate buyers are shrugging off the pandemic, as a temporary inconvenience. Canadian Real Estate Association (CREA) data shows prices made a huge…
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It has been an exciting and interesting year in the Kitchener-Waterloo real estate market. If I had to sum up what has happened in the past ten weeks, I would say that the spring market arrived late and is still here.
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The May market arrived in July this year
734 residential homes sold in July, an increase of 25.7% compared to the same month last year.
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