Real estate market continues to soar
Canada continues to be a white-hot real estate market.
And life in a small town has never looked better. Or more expensive.
March sales, as reported by the Canadian Real Estate Association (CREA), have set another all-time high record, with the national average sale price showing a 31.6% gain, year over year.
About 76,000 residences changed hands in March across Canada, the highest level of any month in history. That’s 14,000 more than the record set last July.
The biggest year-over-year gains are in Ontario, British Columbia, Quebec and New Brunswick.
In the GTA and environs, prices continue to climb.
A report Thursday from insurance comparison platform Hellosafe.ca showed a jump of just under 30% on prices in Ontario for March 2021 vs. March 2020.
Incredibly, the Windsor/Essex area shows a jump of 47.7% in prices, year over year.
The most expensive places to buy a home right now in Ontario are Oakvile/Milton, Mississauga, the GTA, Durham Region, Hamilton/Burlington, Orangeville, Guelph and Kitchener-Waterloo.
Ottawa lags behind somewhat in housing prices but has still seen those prices tick upward almost 30% in the last year.
If you’re thinking of escaping the city for smaller communities, such as the Kawartha Lakes, Barrie, Woodstock or Sarnia, you’d better get a move on.
Those communities (and many others) have price changes ranging from 30% to 40%; Tillson District, Southern Georgian Bay and Lakelands have all crossed that 40% mark.
In Woodstock, which registered an eye-watering 45% increase in real estate prices, a house that was $387,000 last year will cost you $561,600 this year.
Read it and weep.