A new report by Century 21 reveals that housing prices have soared in Canada over the past year.
In the Price per Square Foot (PPSF) survey Century 21 notes that “real estate continues to be an excellent investment for Canadians.”
Century 21 compared the price per square foot of properties sold between January 1 and June 30 this year, compared to the same period last year. The report noted that detached homes in downtown and southwest areas of Montreal logged the highest PPSF with an increase of 40.92 percent year-over-year to $1,350. Detached properties in Saint John, New Brunswick recorded the lowest PPSF but still increased by 8.63 percent to $134 between 2020 and 2021.
“Looking at the prices across Canada, there isn’t one region that hasn’t seen price growth in the past year,” says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. “When the pandemic began in 2020, the market became unchartered territory. But because of low inventory and high demand from buyers looking for a larger space, prices have steadily climbed for the past year, particularly detached homes. Over the past couple of months, that growth has slowed and condo prices have started increasing again– it’s still a seller’s market from Victoria to St. John’s.”
COVID-19 pandemic is the main reason for the fluctuation, noting that there has been “pent up demand for housing, particularly detached homes, increased prices throughout last fall and earlier this year, in part due to a lack of supply.”
Condos in downtown Vancouver posted a PPSF of $1,310, followed by downtown Toronto condos with a PPSF of $956, Quebec with condos up 16 percent to $1,033. places the neighbourhood high on the roster, the price of a condo per square foot actually dropped year-to-year by 7.45 percent, down from $1,033 in 2020.
Rushton notes that “all signs are pointing to another busy fall as inventory across the country continues to be low with plenty of buyers waiting to make a move as soon as they can.”