Top 3 Regions With A Thriving Real Estate Market In 2021: Let’s Map It Out!
Posted On October 4, 2021
Canada’sreal estate market is on fire and there has never been a better time to invest in the house of your choice. Regardless of whether you are a first time home-buyer or looking for your next house, the steps of buying a house in Canada are fairly easy to follow, especially with our home-buying guide and checklist. However, the tricky part of house-hunting is deciding where you want to relocate or move to. Simplifying your choices, we have laid out the current real estate standards in three regions of Canada that offer affordable houses for sale.
Here are regional scans for property search in Canada in order of affordability from the lowest to highest.
Greater Toronto Area (GTA):
In the first quarter of 2021, the average price of a home in the Greater Toronto Area (GTA) rose 13.1% year on year to $989,961. According to housing style,
The median price of a two-story home increased 13.6% to $1,164,894,
The median price of a bungalow increased 15.3% to $982,120,
And the median price of a condominium increased 1.2% to $598,819 over the same time.
“There is persistent demand traction that tends to exert upward pressure on rates,” said Debra Harris, senior vice president, Royal LePage Real Estate Services Ltd. “The impetus is unlikely to abate in the absence of a sustained surge in inventory. This means that active listings are being swooped away at a rapid rate and homeowners are afraid to list their properties before purchasing, lest they all run out of availability!
The predicted return of refugees and a higher-than-normal number of students, both local and foreign, in the fall is expected to fuel condo prices in Toronto and the surrounding areas, according to Harris. She anticipates that we will see some indication of the market by the middle of the second quarter.
According to Royal LePage, the average price of a home in the Greater Toronto Area will rise 11.0 percent in the fourth quarter of 2021 relative to the same quarter last year.
All in all, GTA shows a rapid rate of real estate growth in the near future. The most effective property search in Canada’s Greater Toronto region can be done at Save Max .
In the first quarter of 2021, the average price of a home in Greater Vancouver rose 9.5% year on year to $1,163,276. According to house type,
The median price of a two-story home increased 12.1% to $1,545,705,
The median price of a bungalow increased 12.0% to $1,325,006,
The median price of a condominium increased 2.3% to $652,923.
“The demand is unusually active right now. March was a record-breaking month for Royal LePage Sterling Realty,” said Randy Ryalls, general manager. “Almost every house has many offers, and the sales-to-listings ratio is more than twice what we’d like to see in a fair market.” Having said that, we are beginning to see an uptick in production enter the industry. Hopefully, this trend will continue.”
According to Ryalls, the anticipated surge of spring inventory has arrived on the market but is being rapidly consumed. “Demand continues to outstrip supply in Greater Vancouver, both in the suburbs and in the downtown area. However, if we see a comparable increase in inventory in April and May as we did in March, and revenues remain nearly the same, we may see some small relief sooner rather than later “Ryalls elaborated.
According to Royal LePage, the average price of a home in Greater Vancouver will rise 13.0 percent in the fourth quarter of 2021, relative to the same quarter last year. Thus, Greater Vancouver is another region where housing prices may be competitive but still highly affordable with respect to long term investments. Check out some of the most popularhouses for sale in Toronto at Save Max .
Regina Best Place in Canada to invest in Real Estate Market
Regina is the most affordable place in Canada to invest in real estate. In the first quarter of 2021, the average price of a home in Regina rose 5.5% year on year to $336,791.
In the first quarter of 2021,
The median price of a two-story home increased 4.3 percent to $415,982,
The median price of a bungalow increased 8.3 percent to $310,212
And the median price of a condominium increased 12.0 percent to $227,774.
“Prior to the outbreak, Regina had been enjoying a buyer’s demand for some time,” said Mike Duggle by, broker and director of Royal LePage Regina Realty. “Consistent demand has drained inventory, and upward market pressure favors sellers.”
Thanks to the market’s high competition, many properties are selling above the asking price in multiple-offer situations, according to Duggle by.
“The level of competition we’re seeing will make it challenging for buyers, especially first-time homebuyers who might be priced out of multiple-offer scenarios. The solid, consistent demand is expected to continue. As the vaccine rollout continues, we will see an increase in supply, but it is unlikely to be sufficient to meet rising demand “Duggle by went on to say.
According to Royal LePage, the average price of a home in Regina will rise 6.5% in the fourth quarter of 2021, relative to the same quarter last year. Though there is high competition, Regina is a highly affordable area where you can consider cheapest place to buy a house in Canada. Search the best property in Regina with Save Max .
Going by such statistics, Investing in properties in these areas would be a smart choice at this time of the year. Whether you are looking to buy or sell, you’re in for great profit! You can find your next residential or commercial property with Canada’s best property search website – Save Max is the best real estate online portal where you can surf through endless certified property listings in these areas, and choose the house of your dreams based on smart-filter preferences. So, hurry and get your own house before the listing gets sold!