Small towns join the real estate big leagues as pandemic turns tables on price growth

Dated: May 27 2021

Views: 9

The rapid rise in housing prices during the pandemic has surprised homebuyers and sellers alike. A related development was that the price appreciation has been uneven, with gains in small towns being more pronounced than those in the urban core.

Data from the Canadian Real Estate Association (CREA) revealed that benchmark housing prices, controlled for size and quality, increased by 17 per cent in the Greater Toronto Area (GTA) year over year. In comparison, neighbouring smaller towns experienced much higher price appreciation rates. In Kitchener-Waterloo, located some 100 kilometres west of downtown Toronto, home prices grew by 40.3 per cent, more than twice the rate for the GTA.

The sparsely-populated satellite communities in the GTA periphery, especially in cottage country, have reported similar accelerations in house prices, with year-over-year prices up by 48.4, 48, and 42.8 per cent in Kawartha Lakes, Bancroft and Brantford, respectively.

Link to the Full Article

Blog author image

Robert Piperni

Robert started in Real Estate over 20 years ago as a Real Estate Investor, building a portfolio of real estate. His passion for real estate and his experience as a licensed mortgage agent has helped h....

Latest Blog Posts

GTA home sales down 13% between April and May but prices still rising

TORONTO -- The frenzied pace of home sales that appeared at the start of the year is continuing to slow as new figures from the Toronto Real Estate Board show 13 per cent fewer homes in the region

Read More

Toronto Home prices hit new all-time record high

Skyrocketing home prices appear to have put a damper on sales during what is traditionally the most active month of the year for real estate transactions in Toronto — or is it that a slower

Read More

Small towns join the real estate big leagues as pandemic turns tables on price growth

The rapid rise in housing prices during the pandemic has surprised homebuyers and sellers alike. A related development was that the price appreciation has been uneven, with gains in small towns

Read More

These are the areas where Toronto home values have jumped the most

If you bought a home in Scarborough just before the start of the COVID-19 pandemic you could be looking at a 25 per cent increase in value, a new report claims.Toronto-based real estate brokerage

Read More