2021 has been a record-setting year for Canada’s real estate market, with sales prices reaching historic highs and inventory and mortgage interest rates falling to new lows. Homes are selling at a breakneck pace, so it’s of little surprise that sales prices continue to post double-digit gains across much of the country. After a slight cooling period this summer, when sales decreased somewhat from spring, market activity trended higher in fall, with increases in new listings and home sales reported nationally as sellers hoped to cash in on sky-high sales prices.
The number of residential homes sold across Canada this year shattered 2020’s record of 552,423 sales before we even got through the month of November at which time we had already seen 581,275 residential homes sales, according to the Canadian Real Estate Association (CREA).
In the Region of Waterloo the median sales price over the past 12 months has increased 27.7 percent to $830,000 for detached homes and 31.1 percent to $590,000 for attached homes from the previous 12 month period. Other market trends are also continuing; region wide in 2021 the average property sold in just 13 days for 115.03% of its listed price and our current supply of inventory sits at just 0.4 weeks.