Buyers, First Time Buyers, Luxury Homes, Sellers, Waterfront Property
Beamsville, Fonthill/Pelham, Fort Erie, Grimsby, Niagara Falls, Niagara-on-the-Lake, Port Colborne/Wainfleet, St. Catharines, Thorold, Welland
May 25, 2022
Source: Huffingtonpost home sale prices...
Despite a surge in December's listings and the soaring prices of homes that continue to cause "chaos" for home buyer's; people still question if there will be a housing crash this year (2021)? Many economists believe that the housing market amid a worldwide pandemic has already had its strongest year ever in 2020, home sales reached a record high in Ontario and other Canadian cities.
To make future predictions of what 2021 holds for the housing market could be tough. Some feel that highly priced homes with low supply of listings along with low mortgage rates will continue to contribute to this years hot housing trend. While, other's are skeptical, and believe that once mortgage deferrals and Canada Support payments are discontinued this will lead to a housing crash. However; with border shut downs into Canada still in effect immigration of applicants has declined rapidly and this will definitely have some effect on the "Canadian Real Estate Market" sooner or later.
Real estate boards are forcasting a boom of 9.1% jump in house prices in 2021; Ontario leading by 16.3% followed by Quebec at 13.6%. "Current trends and the outlook housing market fundamentals suggest an activity will remain relatively healthy through 2021, with prices either continuing to climb or remain steady in all regions". Crea said in a forecast published mid-December.
I feel whatever our future holds as Canadians we will persevere and continue to learn how to adapt to what challenges lie ahead. We are forever Canadian Strong!