National real estate survey finds home prices holding steady, sales coming back after decline early in pandemic
A yearly report out from CENTURY 21 Canada today uncovers house costs across Canada are keeping up their quality, while the quantity of deals is returning after a decrease prior in the spring because of the COVID-19 pandemic. While the nearby stories shift the nation over, the regular subject is of house costs seeing unobtrusive changes per square foot over a similar period a year ago. One special case is Montreal, which has seen costs increment drastically since 2019 – however downtown costs despite everything remain lower than those in Vancouver and Toronto.
In its yearly, cross country study, CENTURY 21 Canada analyzed the cost per square foot of properties sold between January 1 and June 30 this year, contrasted with a similar period a year ago.
“At the point when the pandemic grabbed hold in Canada in mid-March, there was a great deal of vulnerability about what might befall land deals during the commonly bustling spring market,” says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. “What we have seen is that after a plunge in the quantity of deals from the get-go in the pandemic, the pace of deals has come back to approach ordinary levels as realtors and organizations developed better approaches for getting things done. The land business has demonstrated versatile through the previous a while. Also, considerably further, costs have held consistent too.”
As it has in numerous segments of Canada’s economy, COVID-19 has provoked advancements in how land tasks, with the reception of advances permitting more physical separating and lessening contact. CENTURY 21 Canada has made extra instruments accessible to salespeople so as to encourage the change. Virtual visits are presently well known with the goal that a dealer doesn’t have outsiders or huge quantities of individuals in their homes. The organization urges all specialists to have online open houses through Facebook Live. CENTURY 21 Canada has likewise as of late cooperated with a worldwide organization, EyeSpy360, which permits a virtual home visit that should be possible as a stroll through and introduced to a customer by means of email or a live introduction.
The most grounded land market in Canada right now is Montreal, with costs expanding altogether since a year ago, especially in the midtown segregated house and apartment markets. The cost of a segregated house in Montreal’s midtown and southwest rose 42.14 percent to $958 per square foot, while apartments came up 44 percent to $768 and townhouses 13.55 percent to $805. While costs in Montreal remain lower than those in Vancouver and Toronto they are making up for lost time as costs in those different focuses saw more unassuming increments or even decays. “Despite the fact that land in Quebec was not viewed as a fundamental assistance, we have seen solid interest and a hop in costs in 2020,” says Mohamad Al-Hajj, proprietor of CENTURY 21 Immo-Plus in Montreal.
Costs have kept on expanding in communities across Ontario, especially outside the GTA. Newmarket has seen the greatest increment since a year ago with costs for single family isolates houses climbing 37.29 percent, while in Kitchener semi-withdrew homes expanded 17 percent to $399 per square foot. Ottawa is additionally ending up being solid with increments of around 20 percent – houses expanding to $313 per square foot and apartment suites to $577 per square foot. Downtown Toronto townhouses expanded 8.9 percent per square foot to $1,083 – breaking the $1,000 mark. Downtown Toronto condominiums remain the second generally costly in Canada, after Vancouver apartment suites. Hamilton, in the interim, saw unassuming abatements in cost per square foot. Rushton says, “With a work from home alternative more sensible for certain individuals, they’re discovering they can get a bigger home in the event that they move somewhat further from Toronto. Regardless of whether their drive is a little longer they’re heading out to an office less regularly, which makes it more decent.”
BC property costs frequently get attention from across the nation, yet in 2020 saw just minor changes, particularly contrasted with increments seen in earlier years. Downtown Vancouver condominiums diminished unassumingly in cost per square foot (down 3.97 percent to $1,192), yet remained the most costly properties in Canada – however costs for apartment suites in Toronto and Montreal are making up for lost time. Costs of separated houses in City of Vancouver neighborhoods expanded unassumingly, as did homes in North Vancouver (up 4.75 percent to $690 per square foot), Burnaby (up 5.2 percent to $579 per square foot), and Richmond (up 1.73 percent to $608). Both Chilliwack and White Rock/South Surrey saw unobtrusive decays, dropping 6.78 percent and 7.81 percent separately.
Prairie house prices continue to be the most affordable in Canada other than those in the Atlantic provinces, and have generally remained flat over the past year. Rural Alberta was an exception, with a soft condo market in some communities. Condos in High River, Alberta have dropped more than 28 percent to $173 per square foot, though in the same community prices for a detached house rose 10.4 per cent to $237 per square foot. Okotoks and St. Albert saw similar trends, though not as marked. In In Edmonton, houses and condos have dropped modestly Calgary house prices have dropped 1.54 per cent to $320 per square foot, while condos have dropped 6.62 per cent. “This is an area that has long relied on the oil and gas industry,” says George Bamber, Owner of CENTURY 21 Bamber Realty in Calgary. “Continued uncertainty in that sector is keeping prices from growing.”
Prices for both condos and detached houses declined almost four per cent in Regina, and were flat in Saskatoon, Brandon, and Winnipeg.
Most of Atlantic Canada saw strong price increases over the last year, though the region remains the most affordable place to purchase real estate in Canada. St. John’s is the exception, where weak industry forced prices for condos down 33.4 per cent to $116 per square foot, while house prices remained flat (up 1.33 per cent to $135). However, Fredericton house prices shot up 24.56 per cent to $123, while Moncton houses rose 19.98 per cent to $124. Condo prices in Halifax remained the highest in the region, up 12.97 per cent to $270 per square foot – on par with a home in Edmonton but lower than those in Calgary. “We’ve seen great interest in home purchases in our area in 2020. I think people see the value in homes here and are looking for a place to put down roots. This region provides affordable housing and a great lifestyle,” says Paul Burns, Manager at CENTURY 21 A&T Countryside Realty.
This is the fourth consecutive year CENTURY 21 Canada has gathered and released this report of local prices per square foot.
“As we are in our fourth year of gathering this data, we continue to see that real estate is not a national picture, it’s really what’s happening in your local community,” says Mr. Rushton. “No matter where in Canada you live buying a home is a great investment, especially if you’re making a long-term purchase.”
CENTURY 21 Canada’s annual survey of data on the price per square foot (PPSF) of properties gathers and compares sales data from its franchises across Canada from January 1 to June 30 of each year. By looking at the price per square foot at the same time each year the firm is able to get a good idea of how prices have changed over time for similar properties. This year’s survey compares 2019 prices with this year’s results, while also providing available 2017 and 2018 data.