Toronto is one of the most sought-after places all over Canada. Thousands of people hope to find a place in the hustling and bustling of the city. For this reason, the price of houses and real
REPORT: 2021 Leaves Canada with Fewest Homes for Sale on Record
Dated: January 19 2022
After a record-breaking year of homes sales, the number of active listings for houses for sale in Canada has dropped.
Canada's number of houses for sale has reached its lowest level in at least a quarter-century. According to data from the Canadian Real Estate Association, at the end of December, about 86,000 houses were left for sale. That's all that remained after a record 667,000 homes were sold throughout 2021 - 20% more than the previous annual record.
“There are currently fewer properties listed for sale in Canada than at any point on record. So, unfortunately, the housing affordability problem facing the country is likely to get worse before it gets better,” from a press release by Shaun Cathcart, the Canadian Real Estate Association's senior economist. Prices rose 2.5% in December over November and were up almost 27% from the year before.
The national data follows the trends observed in both Toronto and Vancouver, where housing stock has fallen significantly. The data reinforced the notion that the country's housing shortage is partly responsible for the price increases that have caused many working Canadian households to feel the pinch.
The rising concerns about a housing crisis have prompted politicians to look for solutions. The national average home price has reached C$ 811,700 (or USD $648,000).
With sales slowing down since there are fewer available homes to buy, the number of monthly sales in December didn't change much from November's numbers. That said, December's sales were still enough to be the second-highest number of sales on record for that month of the year.
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Toronto is one of those few places where housing prices have skyrocketed in recent years. A house used to cost about $200,000 costs a lot more now, 25 years later, at about $1.1 million on average.