- COVID catalyst in Canada = pandemic puppies, Peloton and property
- Home price up some +10%, double long-term average
- Recreational or “cottage country” property market “especially hot”
Our northern neighbors have been responding to their housing markets pretty much the way Americans have been. Plain and simple, the Canadian real estate market is hot.
Get your free 2021 Fill In The Blank Business Plan Now. Simply TEXT 2021 to 855-685-1045.
And, just like in the US, demand for housing is spreading well beyond big cities. According to Phil Soper, president and CEO of Royal LePage, “Real estate is one of those sectors that is actually seeing what I call a’ COVID catalyst,’ maybe the three P’s of the pandemic: puppies, Peloton and property”
Royal LePage indicates that overall home price in Canada has increased approximately +10% this year, double the long-term average. Year-over-year prices in what Canadians call recreational property markets or “country cottages” have increased +11.5% to $453,046 and waterfront properties have increase +13.5% to $498,111.
The primary driver, as in the US, is the ability to work remotely. Soper told Global News that a home’s internet functionality is now a center-stage priority as more than half of new buyers are looking at recreational homes as full-tine homes.
In places such as Atlantic, Canada, long seen as one of Canada’s best real estate locations to find a great deal, prices are skyrocketing and, like here, buyer demand far outstrips supply. Turns out some of those country cottage buyers are adamant about scoring a property. One agent, Kim Stewart, is representing a family from Vancouver for a house in Dartmouth NS and, “…even I was shocked at the price. It was almost $200,000 over the asking price.”
Royal LePage is forecasting that 2021 will be a continuation of high demand and escalating prices for recreational properties.
Thanks to Global News.
URGENT: 2021 Results Released. New FREE On-Line Web Event Reveals 17 Surprising Secrets Of The Top 100 Millionaire Agents. Get Your FREE Spot For The On-Line Webinar Now. When You Attend This Event You Will Have A Sense Of Relief Knowing You Can FINALLY Laugh At Your Money Worries – If You Follow This Simple Plan. Learn How To Generate 100’s of Motivated Leads Without Coming Off As A Pushy Salesperson and Losing Your Soul. Learn Now How To Become One of the 1000s of Agents Making HUGE Money NOW Who Never Thought They Could.