One of Canada's largest real estate firms says the surge in home sales bumped up prices across Ontario, with a double-digit increase in the Niagara area.
pandemic created a surge in home sales in the second quarter of 2020 and jacked up the prices across Ontario.
“As the reality of extended and potentially permanent work-from-home employment sunk in, people pondered both the location and size of their homes,” said Soper. “Simply put, larger homes in smaller communities have become more fashionable. As competition for these properties heats up, bidding wars are more common in what were our quieter cities and towns.
He suggests the average price across the country will rise 2.3 per cent year-over-year when 2020 comes to a close.from the Canada Mortgage and Housing Corp. , which predicted a drop in home prices in the country’s biggest cities, citing “severe declines” in home sales and construction. Johnstone says he’s simply not seeing that, and the numbers prove it. He says Niagara has recovered after a dip in the first few months of the pandemic and May sales outpaced new listings in the market.
Although there are no numbers to back up the behaviour, she does say it is something she hears from clients in her experiences out in the field.Canada’s coronavirus deficit soaring to $343B as feds warn of ‘permanent change’ to economy
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