Hot Canadian Markets Drive Real Estate Listings Higher and Higher
According to BMO Economics, as well as just the briefest look at the marketplace, demand for housing in Canada is “piping hot”. A senior economist at BMO, Robert Kavcic, describes the Canadian housing market as “fully boiling.” With homes selling fast and homes selling far above asking, this is hardly an exaggeration.
With the winter and early spring drop in listings, the national sales-to-new-listings ratio is at an all-time high – 91%! All across Canada, new listings are being snapped up, often even within a month. With this continuing to take place, it wouldn’t be surprising to see home prices continue to rise. At the moment, according to the economist Kavcic, prices increase is at an “accelerating rate, and across almost all of the country.”
Looking back to January, the national home price index rose 13.5% year over year, the fastest increase since mid-2017. Only a sudden release in listings – more likely to be from condominiums than detached homes – or a sudden change in demand could stop home prices from continuing to rise.
Perhaps you’re looking for the best means of marketing your home and selling high, to take full advantage of the hot Canadian market? Perhaps the situation is inspiring you to renovate rather than undertake the process of buying a home? Whatever the case, a renovation may be right for you. Georgian Design Build renovations are some of the most dependable, most luxurious and most rewarding in the business, as our experts assist you from the beginning of the process to the very end. Join our Waiting List, and learn more about the potential for your Georgian Design Build dream home!