Each quarter Royal LePage prepares the latest industry housing and market statistics. These are great trends to analyze for investors, and homebuyers alike. Some of the highlights from the most recent financial quarter are as follows:
Key highlights from the national release include:
- Canadian home prices are forecast to end the year 16% higher than 2020.
- The aggregate price of a home in Canada rose 25.3% year-over-year in the second quarter.
- Demand is expected to outstrip supply with upward pressure on prices, yet the pace of increases should moderate as peak price appreciation was reached in early Q2.
- Greater Montreal’s aggregate home price is forecast to increase 17.5% year-over-year; the highest in Canada among forecasted regions.
- Detached house prices continue to outpace condo appreciation, but the gap is narrowing.
- Post-pandemic policies are needed to address chronic low inventory challenges.
- The proposed increase to municipal land transfer tax in the City of Toronto could further reduce the housing supply.
I have also included a link to the regional reports for each major hub in Canada here https://www.royallepage.ca
If you would like to read the 2021 Q2 Regional Real Estate Statistics for the Kelowna area specifically please visit this link: https://docs.rlpnetwork.com/
As always, if you have any questions about buying or selling real estate in the Salmon Arm area then don’t hesitate to contact me! I would love to go over the latest real estate statistics with you and see what goals you have for real estate in the area.