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Canadian Real Estate Report- RE/MAX

Canadian Real Estate Report- RE/MAX

Date Posted: October 21, 2021

Affordability has shifted demand for condos in wake of higher home prices across the country.

The number of condominium sales were sky high between January and August of 2021 which is top expected given the soaring prices of freehold housing.

The strongest gains in sales were made in the West, where Greater Vancouver and Calgary saw condominium sales rise 87% and 83% respectively. The Greater Toronto Area led the East in terms of percentage increases in condo sales at 71%, followed by Halifax-Dartmouth at 36% and Ottawa at 29% compared to the same time last year. The greatest upswing in pricing occurred in the East, with both Halifax-Dartmouth and Ottawa posting double-digit price gains of 30% and 18% per cent respectively.

“Affordability, coupled with availability, set the stage for the exceptional rebound in condominium sales across Canadian real estate  markets in 2021,” says Christopher Alexander, Senior Vice President, RE/MAX Canada. “Double-digit acceleration in detached housing values revived slumping condominium sales early in the year, with demand shifting into high gear as detached supply dwindled and prices accelerated. Younger buyers have been behind the push for condominiums to date, with most looking to lock in low interest rates and buy before prices climb beyond their means.”

 

Read the full report from RE/MAX Canada here.

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