Housing Market Outlook For 2021

Based on the available data, RE/MAX's housing market outlook for 2021 is positive - with a prediction of a 4-6% rise in residential housing prices. This is based on two major factors:

• Move-up (buyers selling their current home and moving to a new one) and move-over buyers (those moving from cities to suburbs and vice versa) continuing to be the main drivers of activity in most regions of Canada.
• A continuing shortage in housing supply.

Suburban markets are expected to be major drivers of demand over the course of the year, followed closely by urban and rural markets.

Click here to see a larger version of this table

or

Read the full report here

Effects of The COVID-19 Pandemic

A buying shift towards suburban and rural areas of Canada can be directly correlated with the global pandemic. Communities that are less densely populated have seen unheard-of levels of sales - a trend that is expected to continue in 2021. At the same time, demand for homes in dense urban centres continues to be high (and is expected to be so throughout the coming year). Other key statistics from RE/MAX's report include:

• 52% of Canadians see real estate as one of the best investment options for 2021
• 53% of Canadians have confidence in Canada's housing market remaining steady in 2021
• Preference for urban, suburban and rural living is equally split, with approximately 3 in every 10 Canadians preferring each one.

For a deeper dive into the 2021 housing market outlook for specific municipalities, click the links below:

Toronto

Oakville

Mississauga

Collingwood

Barrie

Durham Region

Niagara Region

Hamilton-Burlington

Kitchener-Waterloo

Brampton

York Region London Muskoka

This guide is for general informational purposes and does not constitute legal, financial, or tax advice. Every situation is different — always consult a licensed real estate professional, lawyer, and tax advisor before making any decisions.

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For personalized advice on your specific Toronto buying or selling situation, contact Frank Merigliano and the VIP Condos Toronto team directly:

• Phone: 416-885-0172

• Email: frank@vipcondostoronto.net

• Web: www.VIPCondosToronto.net

Frank Merigliano, Team Leader / Sales Representative, VIP Condos Toronto, RE/MAX PREMIER INTERNATIONAL INC., Brokerage — licensed since 1993, with RE/MAX since 1995, and a Top 50 RE/MAX team in Canada since 2015.