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:
Home prices continued to rise in the third quarter of 2021, but at a significantly slower pace than we saw earlier in the year. According to the recent Royal LePage House Price Survey, 68% of regions studied posted quarter-over-quarter gains of less than 2% in Q3, compared to just 14.5% of regions in the second quarter. As the weather warmed, Canadians turned their focus to other things, especially as increased vaccination rates led to a reduction in pandemic health restrictions.
“During the third quarter, the torrid pace of home price appreciation moderated as both demand and inventory waned, a typical summer market trend in a very atypical year. With easing pandemic restrictions, there was finally something to talk about other than real estate, and people began traveling and socializing again,” said Phil Soper, president, and CEO of Royal LePage. “In addition, a year of relentless competition for too few properties drove some would-be purchasers to the sidelines as buyer fatigue set in.”
While the rate of appreciation may be slowing, prices continued to increase as a result of a chronic shortage of housing stock right across the country. Nationally, the aggregate price of a home increased 21.4% year-over-year to $749,800 in the third quarter of 2021. When broken out by housing type, the national median price of a single-family detached home rose 25.2% year-over-year to $790,000, while the median price of a condominium increased 13% to $533,600 during the same period.
Read Royal LePage’s third-quarter release for national and regional insights.
Key highlights from the national release include:
- Royal LePage maintains its 2021 forecast, with the national aggregate home price expected to rise 16% in Q4, compared to a very strong Q4 2020
- Very low inventory pushes potential buyers to sidelines amid national housing supply crisis, resulting in pent-up demand
- Condominiums continue price rebound in urban centres as a return to ‘new normal’ allows Canadians to enjoy more aspects of city life
If you would like to read the 2021 Q3 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 Q3 real estate statistics with you and see what goals you have for real estate in the area.