The Canadian Real Estate Association reported that 2020 could be the best year in history to buy and sell real estates in Canada.
According to the last marketing report from the Association, in this 2020, increased the sales and buying regarding other years; meaning that, in ten months have been sold 461,818. Historically, October was the month that more movement presented. On the last 30 days, increased the acquisition 32%, meaning that there were 14,000 transactions.
It seems that the sale numbers are not the only thing that are increasing as CREA assured that a house on re-sale offered through the real estate system MSL, it is on C$607,250, which is 15.2% more than the price that had a year ago. Six of the ten Canadian provinces reached two digits earnings.
The studio also showed that the buyers established a clear tendency with the arrival of the pandemic for CoVid-19 as they developed two key preferences at the moment of searching for a new home: first, that have more space; and second, that the terrains are wider and that are outside the city.
Although, the panorama is significantly encouraging for the real estate sector due to the already mentioned tendencies of the buyers, cities like Vancouver and Toronto, which are considered as the two most expensive, are having at the moment an inferior performance regarding Okanagan valley, Georgian Bay, Barrie and London.
The provinces that increased significantly their sales in comparison with the previous year, 2019, were: Prince Edward Island with 30.56%, Ontario with 23.06%, Quebec in 20.35%, Nova Scotia with 18.14%; New Brunswick in 13.4% and British Columbia with 11.1%.
According with the senior economist of Montreal Bank, Robert Kavcic, quoted by Toronto Storeys, despite the sales in the third trimester of the year were “wonderful”. It can be attributed this buys due to the repressed demand that had the spring season. Besides, it assures that most possible is that in the coming months, there is a small decrease in the real estate acquisition.
Kavcic also shared that uni-family houses were great part of the successful part of the transactions as the buying increased 12.7% in comparison to the condos, which just sold 5.7%.