Homes sales in February were up by 6.6 percent compared to January. The actual national average price in February was $678,091 which is up by 25 percent compared to the last year.
CREA says it expects nearly 702,000 properties to trade through MLS system this year compared to 551,262 in 2020. Signs of cooling down are expected by next year but not any time soon this year. Forecasts of last year for real estate have shown quite different results.
What actually happened is a boom in real estate in spite of the adverse effects of COVID-19 on the economy. The Greater Toronto Area saw an all-time high price rise in average home prices. Demand for homes for sale in Vaughan and other GTA neighbourhoods increased as buyers surpassed the number of listings.
Top realtors in Vaughan observed this trend and believe the prices for homes for sale in Woodbridge will keep rising till the end of this year. Homes for sale in Maple, Vaughan saw increase recently as it is considered one of the good neighbourhoods in GTA to settle. A Real estate agent in Vaughan can evaluate a house from a long term perspective.
It is important to buy a house considering various factors and most importantly predict its appreciation value to some extent in the next five years. Homes for sale in Kleinburg initially increased gradually but now they have picked up rapidly as a consequence of buyers’ changed preferences in COVID-19.
CREA’s predictions indicate that COVID-19 has not spooked buyers even as there were plenty of layoffs and unemployment reached an all-time high. Vaughan realtors along with realtors in many other parts of GTA reported bidding wars with ample of offers for suburban homes.
These trends are not predicted to dissolve this year. Another factor contributing to this trend is the insecurity among buyers. Home buyers have a feeling of being left out in this crazy real estate market and making higher offerings in bidding wars. As a result, house prices are increasing.