Re/Max Data Table

RE/MAX Canada expects average residential prices to increase 4-6% in 2021.
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The 2021 RE/MAX Housing Market Outlook Report estimates a 4-6% increase in the average residential sales price nation-wide.
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According to the RE/MAX broker network in Ontario, market activity across the province is estimated to remain very steady in 2021, with the potential for average sale price increases of between 7-12% in regions like London (10%), Kitchener-Waterloo (7%), Hamilton-Burlington (7%), Niagara (12%), and Kingston (10%), Cornwall (10%) and Thunder Bay (10%). This is being attributed to high demand and low supply, coupled with shifting home-buying trends toward local liveability factors such as more space, larger yards and closer proximity to amenities like parks.

Move-up and move-over buyers are also impacting luxury segments in the province. Cities such as Ottawa and Hamilton-Burlington have seen a massive spike in demand for luxury homes since the start of the pandemic. This is expected to continue in 2021.

The urban-to-suburban buyer interest in Ontario has impacted Toronto’s downtown core, specifically for condos, which is currently a buyer’s market. Supply levels throughout Toronto are continuing to drop and are not expected to improve in 2021, which will impact average home prices. Immigration is also expected to drive some market activity next year, which alludes to those coming to Toronto for educational purposes, along with the expected influx of immigration from outside the country. Similar to Ottawa and Regina, Toronto’s luxury market remains unimpacted by COVID-19 and is driven by move-up buyers.

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