As a result of rising costs for detached homes, the Canadian real estate market is seeing a greater proportion of condominiums in 2021. This shift in demand towards condos is driven by the factor of affordability, and the change has become more pronounced throughout the course of the year. According to a recent analysis by RE/MAX Canada, the steep hike in value of detached housing has resulted in a notable increase in condo sales from January 1st to August 31st of 2021. The report focuses on trends and developments within the real estate markets of five major Canadian cities.
Including the average sale price, here’s a breakdown of insights on condo market trends in different urban centres:
Greater Vancouver and Calgary
In the Greater Vancouver Area, a jump in demand has played a role in the significant growth of condo sales. However, the report states a more moderate increase in condo pricing throughout 2021. In August of this year, a condo’s average price hovered at $740,221. When looking at Calgary, sales of this nature have risen dramatically as the year progresses, due to buyers seeking homeownership while the interest rate level is low. The average price for a Calgary condo in 2021 is situated at approximately $263,480.
GTA, Ottawa, and Halifax-Dartmouth
Similar to the decline in people buying a house in Toronto, the sale and pricing of condos were also strongly impacted by the pandemic’s early stages in the Greater Toronto Area. The first eight months of 2021 have seen elevated condo sales and costs, with the average price residing at $688,138. Shifting focus to Ottawa, the sale of condo homes has been influenced by high demand and a restricted inventory. Between January and August of this year, $420,654 was the city’s average condo price. Lastly, migration to Halifax-Dartmouth and nearby areas has supported the home-buying activity in this region. From an average price standpoint, the cost of condos landed on the $398,632 mark.
Whether you are entering the condo market in the GTA to sell, lease, or purchase, working with a knowledgeable realtor in Toronto is crucial. Contact us today for more information on housing in the city, as well as the services provided by Real Pavel.