TORONTO -- If you’ve been sitting on the sidelines of the real estate market with a chunk of savings hoping for house prices to plummet, 2021 probably won’t be your year, Canadian real estate market experts say.
The COVID-19 pandemic didn’t devastate Canada’s hottest housing markets the way some forecasters predicted. In fact, in cities like Toronto and Vancouver, fierce competition for detached houses meant back-to-back months of record-breaking prices.
TORONTO: RECORD HOUSE PRICES, BUT CONDOS STRUGGLING
The Toronto real estate market has shown no signs of slowing down. Agents sold a record-breaking 10,563 homes in October, a 25-per-cent increase from the year prior. The same month, the average price for detached homes jumped to $1,204,844, a 14.8-per-cent increase from October 2019.