The year is not yet over, but the Canadian Real Estate Association says 2021 was the busiest year ever for Canada’s housing market, with average selling prices climbing too.
In the early days of the COVID-19 pandemic, fear and uncertainty slowed the housing market to a crawl. But ever since the summer of 2020, Canada’s real estate market has been on fire, shattering numerous records along the way.
Policy-makers at the Bank of Canada slashed interest rates to record lows to stimulate the economy, and one of the biggest impacts of that move has been to cause mortgage debt to explode.
It’s not just prices that are heating up, either. Sales increased by more than eight per cent in October from September’s level. The selling surge means that 581,275 homes have changed hands in the first 10 months of the year. That’s already more than the previous annual record of 552,423 — and there’s still two months to go.
Interested in discussing how you can utilize these highs to your advantage? Contact an Oriana agent!
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