TORONTO -- Despite some predictions that the pandemic might cause Canadian real estate prices to pull back, the housing market continues to heat up, with activity spreading beyond the urban markets where it’s been strongest, says one economist.
“Typically housing markets are really kind of working in isolation relative to other parts of the country, this time it’s all synchronized, very hot everywhere,” he said. While Toronto and Vancouver continue to be hot, other markets once thought affordable are also seeing increased activity and price gains. The Nova Scotia Association of Realtors, for example, said the number of houses sold in February rose 31.9 per cent from February 2020, while average prices rose by 30.4 per cent. According to CREA, about 85 per cent of local markets in February were seller’s markets, meaning sales were above long-term norms compared to new listings.
“It puts a lot of pressure on affordability locally and that I think it is going to be quite a challenge going forward,” he said. “This is no longer just a big city kind of Toronto, Vancouver story, this is a small town issue now.”
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