The Pandemic Has Changed Live, Work & Play But One Things Remains, “There Is No Place Like Home!”
Isn’t it crazy how we can look back a year ago and realize how much everything has changed? Our lives as we know them on a global spectrum have been affected by isolation and uncertainty. The way we shop, the way we eat, the way we communicate, the way we celebrate, the way we work, the way we have grown together as both individual communities and globally in order to protect, contain and persevere, has had a tremendous impact on where we are today and where we will go in the future.
The 2020 spring real estate market was unprecedented — the onset of the COVID-19 pandemic in March prompted a province-wide lockdown across Ontario, upending what is normally one of the busiest seasons of the year for the real estate industry.
Spring forward to the spring 2021 real estate market, everyone knows how far the current monthly sales numbers are from historical norms, and that they have been setting record after record for eight months. According to RAHB (Realtor Association of Hamilton & Burlington), sales numbers are up 54 percent since last month and up 14.9 percent since February of last year. New listings were up 61.9 percent since January 2021 and up 12.2 percent as of last February. The average price for residential properties was $848,719 which was up 7.7 percent from last month and up 29.5 percent from February 2020.
The two big challenges that continue facing Canadian housing markets are the same ones we’ve been facing for months – COVID-19 and a lack of supply. As more of the RAHB market area moves out of lockdown and control zones, potential sellers will feel more comfortable listing their homes strengthening inventory levels and families should be in a better position to leave their homes to accommodate necessary showings which should increase the number of active listings. In turn, buyers should start to see more selection and a bit less competition.
The trend we saw a lot of in 2020 was the increase in interest in single-family homes. The increased desire for families to relocate to rural areas offers more livable and outside space to be able to complement the live, work and play lifestyle that so many Canadians have become accustomed to. With that being said the number of sales of single-family properties in the RAHB market area continues to increase by 14.9 percent in February 2021. Townhomes saw the largest increase in new listings at 31 percent during February 2021. Townhomes are a great option for first-time homebuyers as they offer more space than a condo apartment but have a much more affordable price point compared to single-family properties. In the condo market, it is interesting to see it heat up in December and January locally, which would have been way ahead of most predictions. This proves the strength and power of the city of Toronto and the resilience it is showing and will continue to show.
For anyone who wants to buy or sell a home in the Hamilton-Burlington, Oakville and Greater Toronto regions, the CRESI Team has access to a great network and the best technology, along with a commitment to follow strict safety protocols, ensuring your safety and success with showings and sales. Whether you’re a buyer or a seller, working with the CRESI Team will help ensure you are not only getting the best service and information but also that your real estate transactions will be both successful and safe.