{"id":884,"date":"2021-11-15T01:55:00","date_gmt":"2021-11-15T01:55:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=884"},"modified":"2023-09-25T23:16:28","modified_gmt":"2023-09-25T23:16:28","slug":"2021-shaping-up-to-busiest-year-ever-for-cdn-housing-market","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/2021-shaping-up-to-busiest-year-ever-for-cdn-housing-market\/","title":{"rendered":"2021 Shaping Up to Busiest Year Ever for CDN Housing Market"},"content":{"rendered":"
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It was only in the spring of this year when some industry experts suggested a modest downturn in the Canadian housing market might have been a temporary \u2018cool off\u2019 period, and some others thought maybe the long forecasted correction for the market was about to arrive. The first part might be true if it were to have been categorized as a very temporary cool off, and in regard to the second one anyone who hoped median home prices in Canada were going to come down are going to be disappointed.<\/p>\r\n\r\n\r\n\r\n

2021 is shaping up to the busiest year ever for the housing market in Canada, and while that is good news for homeowners looking to sell their home it can be something of a mixed blessing for anyone just starting out in career in real estate. Homes that sell for higher prices offer more of the earning opportunity they\u2019d like to have for themselves, but that means more realtors entering the business to get a slice of pie. Then you have to also keep in mind that fewer would-be buyers stay as prospective buyers because they can\u2019t qualify for the financing needed to buy these homes.<\/p>\r\n\r\n\r\n\r\n

Here at Real Estate Leads our online real estate lead generation system is an excellent choice for any such individual who wants to gain whatever advantage they can when branching out as a real estate agent. It\u2019s built on the power of Internet Marketing, but all you want to know is that it actually works. And it does. But enough about that, and let\u2019s stay on our topic here regarding just how hot the housing market in Canada continues to be.<\/p>\r\n\r\n\r\n\r\n

Full 18% Increase<\/strong><\/h3>\r\n\r\n\r\n\r\n

If you\u2019re a realtor you\u2019ll be familiar with the CREA. They\u2019re the group representing more than 100,000 realtors across the country and according to their records since Jan. 1 the average selling price for a home sold on the MLDS Service was just over $716,500, and that works out to an 18% increase from where we were at this point late in 2020. Sales are heating up right along with this, and similar records are indicating that to this point in 2021 some 581,000+ homes have been purchased from existing owners over the course of the last ten months.<\/p>\r\n\r\n\r\n\r\n

The previous high for that number was 552,423 and that makes immediately clear just how 2021 really has been the hottest year ever for real estate in Canada. And let\u2019s keep in mind that we\u2019ve still got over a month to go here before the end of the year.<\/p>\r\n\r\n\r\n\r\n

We\u2019ve also seen home sales pick up considerably since the end of summer, although this is a trend that is seen nearly every year. It\u2019s just never been as pronounced as it has this year when it comes the sheer number of homes sales attached to each month or quarter.<\/p>\r\n\r\n\r\n\r\n

Steaming Ahead<\/strong><\/h3>\r\n\r\n\r\n\r\n

It\u2019s also well understood that the BOC\u2019s maintain of low interest rates has been a pivotal factor in allowing so many homes to be purchased. The semi freeze seen in the early days of COVID ended early because it is likely that a great many people thought if they\u2019re ever going to get in the market, the time is now. There\u2019s also the fact that many were re-evaluating their life \/ work arrangements, but we won\u2019t get into that end of it.<\/p>\r\n\r\n\r\n\r\n

Ever since the summer of 2020, Canada’s real estate market has been on fire and it seems that each year we\u2019re busting numerous records along the way. Mortgage debt should be a concern for would-be homeowners, but it appears it\u2019s not so prominent a concern for a lot of buyers moving ahead with the purchases of homes.<\/p>\r\n\r\n\r\n\r\n

Let\u2019s look at just last month (October 2021) alone \u2013 the average selling price was exceptionally close to the monthly record of $716,828 set in March 2021, when activity was at its most frenzied pace for the year. Increases to mortgage stress testing did little to slow the trend and that is a good sign for realtors as it indicates that most qualified prospective buyers remain as such even if more is required of them.<\/p>\r\n\r\n\r\n\r\n

Fundamental Changes<\/strong><\/h3>\r\n\r\n\r\n\r\n

We are also seeing how this buying frenzy is starting to change the way buyers and sellers think about the market in fundamental ways. When you have a country of 36 million people adding another $18 billion onto existing nationwide housing debt in just one month, it is clear that anything that people might have assumed will be intimidating buyers isn\u2019t really intimidating most of them at all.<\/p>\r\n\r\n\r\n\r\n

So many times we\u2019re seeing buyers who have already lost out on multiple previous offers coming to a new table with all they’ve got, and looking past the obvious realities of the housing crisis and demand way outpacing supply there\u2019s also a part of this that shows how homebuyers want to get into the market or up the ladder because of the increasing values in real estate.<\/p>\r\n\r\n\r\n\r\n

Values that \u2013 if all of this is any indication \u2013 will only be going up for the long foreseeable future.<\/p>\r\n\r\n\r\n\r\n

The last thing we\u2019ll mention about all of this today is how interest rate hikes are likely on the way from the BOC, and it\u2019s been well documented by many news outlets regarding the way many would-be homebuyers are rushing for mortgage pre-approvals to get locked in before rates rise. This is something that realtors can also be receptive too for potential clients, but let\u2019s not lose track of the fact that a part of your responsibility will be tampering their enthusiasm to buy home when you believe it\u2019s not the right fit for them.<\/p>\r\n\r\n\r\n\r\n

__<\/p>\r\n\r\n\r\n\r\n

Sign up for Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated real estate leads<\/a> that will fast-track you to being in touch with local people who are genuinely considering buying or selling a home in the same area of the country where you are working as a real estate agent. It is a proven-effective way to grow your client base and make real estate a profitable career for you more quickly. Check out our testimonials<\/a> from realtors like you who agree wholeheartedly with that assessment.<\/p>\r\n\r\n\r\n\r\n

Homebuyers rush for mortgage pre-approvals amid mounting signs of rate hikes to come<\/p>\r\n\r\n\r\n\r\n

“There is this sense of urgency to get into the market,” Tal said in an interview. “People are starting to sense that interest rates are rising and will be rising in the future.”<\/p>\r\n\r\n\r\n\r\n

House prices have increased at a much faster pace than incomes, which has begged the question of how young buyers just starting out in their careers are managing to come up with the cash to buy in.<\/p>\r\n\r\n\r\n\r\n

How are people affording to buy in at today’s prices? According to a recent report at CIBC, almost one third of first time buyers who bought in the past year got money from their parents to do so. (Patrick T. Fallon\/Bloomberg)<\/p>\r\n\r\n\r\n\r\n

Tal looked into the topic in a recent report and found that for a growing number of buyers, the answer is: their parents.<\/p>\r\n\r\n\r\n\r\n

Almost one third of first time buyers in the past year received some sort of gift from family to help with the down payment. The average amount was $82,000, but in big, expensive cities like Toronto and Vancouver, the average parental gift was $130,000 and $180,000, respectively.<\/p>\r\n\r\n\r\n\r\n

Although the numbers are eye-popping, Tal says it makes sense considering the $200 billion worth of cash that people who managed to keep their job during the pandemic have accumulated.<\/p>\r\n\r\n\r\n\r\n

“You cannot spend all of it overnight [so] a lot of it will go to help kids into the real estate market and that’s exactly what we are seeing.”<\/p>\r\n\r\n\r\n\r\n

ANALYSIS It’s not just Toronto and Vancouver \u2014 Canada’s housing bubble has gone national<\/p>\r\n\r\n\r\n\r\n

It’s not just first timers making withdrawals from the bank of mom and dad.<\/p>\r\n\r\n\r\n\r\n

Tal calculates that even among those who already own and are moving up the property ladder, almost 10 per cent of them are getting even more help to do so, to the tune of $200,000 in Toronto and a staggering $340,000 in Vancouver. That’s more than the price of the average home in Saskatchewan.<\/p>\r\n\r\n\r\n\r\n

Tal says the trend is clearly growing, which means policy makers need to be aware of it.<\/p>\r\n\r\n\r\n\r\n

“We are taking a wealth gap that is already very, very wide [and] unfortunately this is really widening it.”<\/p>\r\n\r\n\r\n\r\n

“If you are lucky enough to get it, that’s fine. But we have to find a way to produce affordability into the system and supply is the only solution.”<\/p>\r\n","protected":false},"excerpt":{"rendered":"

It was only in the spring of this year when some industry experts suggested a modest downturn in the Canadian housing market might have been a temporary \u2018cool off\u2019 period, and some others thought maybe the long forecasted correction for the market was about to arrive. 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