Based on the available data, RE/MAX’s housing market outlook for fall 2021 predicts a 5% average increase in home prices across the country. Of the 29 major Canadian regions, 26 of them are classified as sellers’ markets – due in large part to a lack of supply relative to demand. However, despite the ongoing threat of COVID-19’s Delta variant, market activity throughout the rest of the fall is expected to continue seeing steady growth. Additionally, single-family homes have seen the largest price gains of any housing type from 2020 to 2021, with a 6.8% to 27.3% increase across major markets.
Ontario has seen some of Canada’s highest residential price increases in 2021, with single-family detached homes in 13 of the province’s 16 major regions seeing increases of between 20% and 35%. In the Greater Toronto Area, both Toronto and Mississauga saw growth below 20% (at 14.6% and 19.7%, respectively).
Condos and townhomes have also been performing admirably, with the growth rates in Kitchener, North Bay, London, Peterborough and Southern Georgian Bay being particularly strong.