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Canada's housing bubble is expanding from east to west, and not just in large urban centers.
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It’s a war out there. No, we’re not talking the war against COVID-19, although that’s certainly a battle we need to win. We’re talking bidding wars. Potential homebuyers are pitting sellers one against the other, raising house prices to exorbitant heights. Multiple bids result in higher-than-asking, subject-free offers. Despite some attempts by the government to slow down the frenzy, real estate is still going through the roof, but the opinions as to where it will go from here are varied. Knowing how real estate works can help.
The Canadian housing market’s growth
A recent interactive graph shows the rate at which housing prices have risen since 2000. Out of seven countries, Canada stood near the back of the pack up until the end of 2007. By the second quarter of 2012, it took the lead and as 2020 was closing out Canada was way up front, with house prices have skyrocketed by 165 per cent in 20 years. As of Feb. of this year, the national average selling price hit an all-time high of $678,091, an increase of more than 25 per cent over the same month last year, pre-pandemic.
Canada’s national housing bubble
Why are Canada’s housing prices so high? Generally speaking, demand is higher than supply. Low interest rates, immigration and the increase of foreign money coming into the country are also contributors. Thanks to COVID, working at home has become viable for many employees, thus they no longer need to be within commuting distance of their jobs. The result is that small towns and rural areas across the country are experiencing the same soaring prices, the same frenzied buying that cities have been.
According to Robert Bogue, an RBC economist, Canada’s housing market may be heading for a soft landing after what could be a record-breaking 2021. But of course, anything could happen. If you’re looking to invest in real estate, knowing the fundamentals will save you from going in blind.
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To Know More: https://www.msn.com/en-ca/news/finance-top-stories/canadas-housing-bubble-is-expanding-from-east-to-west-and-not-just-in-large-urban-centres/ar-BB1fTder