CREA Anticipates Record Home Sales Through 2021

Dated: March 17 2021

Views: 94

The record numbers of home sales are expected to continue throughout 2021. The Canadian Real Estate Association suggests that numbers might trend back down for 2022. This updated CREA report stems from February statistics - showing a 6.6% increase from January 2021 and up 39.2% from 2020. 

Even with an increase in home prices, the CREA expects almost 702,000 to move through Canadian MLS systems this year. Even with the aftershocks of a global pandemic, COVID-19 isn’t scaring off potential buyers. CREA chairperson Costa Poulopoulos states, "At this point, everyone knows how far the current monthly sales numbers are from historical norms, and that they have been setting record after record for eight months now, so this should not be a surprise." 

Inside & Outside of the Cities

These substantial price jumps are also noticeable in smaller real estate markets - not just the more populated cities. CREA reports that the most significant year-over-year gains come from smaller regions of the Lakelands, Tillsonburg District, and Woodstock-Ingersoll

COVID-19 and supply and demand are to blame, according to CREA Senior Economist Shaun Cathcart. From Cathcart in a press release, "We are right at the start of the first undisturbed [by policy or lockdown] spring housing market in years, and we also have the most extreme demand-supply imbalance ever by a large margin." With the need to have a place (and more space) to ride out the pandemic and wanting to purchase before prices climb any higher with record-low mortgage rates, CREA believes more supply will gradually return to the market, but it's going to take a little time to see that result. 

In these uncertain times, get exceptional guidance from Jay Banerjei when you're ready to buy or sell in Toronto.

Latest Blog Posts

REPORT: 2021 Leaves Canada with Fewest Homes for Sale on Record

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

Read More

TRREB Opposes Investor Tax to Stop Price Surge

The board, representing 64,000 real estate agents in Ontario, warned that the speculative tax would hurt the stability of small investors. The motion, introduced on December 15, 2021, would ask the

Read More

REPORT: Toronto is Slowest Growing Housing Market in Ontario

For all of the talk about how Toronto's real estate market is getting out of control, new data shows that smaller cities and towns are overshadowing the growth. One metric shows that Toronto's

Read More

Toronto Homebuyers: Think Twice Before Taking Advice from Your Parents

GenZ and Millennial homebuyers sometimes rely on "the bank of mom and dad" to help them buy a house in Toronto, but their advice isn't always the most helpful in this cutthroat market. It's

Read More