The biggest question on everyone’s minds right now is what will 2021 be like? While we do not have a crystal ball to look into the future, there have been many forecasts as to what this new decade holds. Last week we looked at 2021 forecasts from the Real Estate Industry’s perspective. This week, I’ve decided to share with you 2021 forecasts from the Mortgage Industry’s perspective.
From my conversations this week I’ve had people ask me: for 2021 where will be the best places to buy? And when will be a good time this year to sell? Here are scenarios on whether you should buy or sell according to the mortgage industry:
According to CIBC, “Canadian home prices to rise by 2.4% with worse case scenario involving a 6.9% decrease in home prices, while its best-case projection is an increase of 11%.” (Now, just to give you some perspective, 2018’s housing prices increased 2.51%) Comparatively, the Canadian Real Estate Association expects the average home price to increase by 9.1% in 2021.[*]
Buy or Sell? SELL
Moving out of the city and out to the suburbs was a hot topic – and activity — for many for most of 2020. “Ex-urbs will see more activity than major urban cores. However, the competition and prices are steadily increasing for “off-the-beaten path communities like Bancroft, Ontario, where the average home price in Nov 2020 was 24.3% higher than a year before.” [*] Keep in mind that even with these increases, you still get much more space for the same price in downtown Toronto.
Buy or Sell? BUY
Conclusion from the mortgage industry is that they “believe the national average home price will rise more than 10% driven by demand for properties in smaller communities in Ontario, BC and Quebec where prices have ample room to grow.”
For more details and stats, read the full article HERE.
Regardless, of whether you’re looking to buy or sell, you need a game plan in this competitive market. Just call me and we can figure out what your best strategy for 2021.
Toronto Stats this Past week
MLS activity from December 30 to January 5 for residential properties:
↑ Newly Listed:
Compare the above to the week before from December 23 to 29 when there were 4,485 for sale, 130 newly listed, 115 sold & 11,529 for rent.
TODAY’S NEWEST LISTINGS
TORONTO HOUSES FOR SALE
|Under $950k||$950k to $1.2M||$1.2M to $1.6M|
|$1.6M to $2M||$2M to 3M|
TORONTO CONDOS FOR SALE
|Under $500k||$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M||Over $1M|
|GTA Fixer Uppers||Ontario Foreclosures||Map Search|
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601.
Let me know how I can help with your (RE)search.