2021, Expect An Increase In Average Sale Prices
Unusual times – that’s for sure. Things have changed again and there’s again uncertainty for so many things and yet the Real Estate Market, across Ontario, continues to thrive.
Low interest rates, low Inventory levels in the residential resale market and the high amount of buyers are factors that have created the higher than expected sales throughout 2020. First time home buyers make up a large percentage of the buyers market as they are getting into real estate and borrowing at historically low rates. There are investors who have been able to use the equity in their homes and took advantage of the low rates to increase their portfolio by purchasing a property that will provide a cash flow scenario so that they can get their money working for them.
The Hamilton Burlington housing market saw average residential price rise to $651,418 in 2020 (Jan. 1 – Oct. 31) compared to $569,919 in 2019 (Jan. 1 – Dec. 31). Looking ahead, continued demand is expected to put upward pressure on prices, with an expected increase of 7% in average price to $697,017 across all property types.
RE/MAX Canada anticipates healthy housing price growth at the national level, with move-up and move-over buyers continuing to drive activity in many regions across the Canadian housing market. An ongoing and widespread housing supply shortage is likely to continue, presenting challenges for homebuyers and putting upward pressure on prices.
- Half of Canadians (53%) are confident that Canada’s housing markets will remain steady in 2021
- 52% of Canadians believe real estate will remain one of the best investment options in 2021
The forecast for 2021 is already saying that prices will continue to rise and that rates will stay low. The best time to plant a tree is 20 years ago and the next best time is today, the same is true with Real Estate. If you’re looking to get more information about how you can benefit from any of this, let’s chat and find out how you can get your money earning you money while owning real estate.