{"id":17024,"date":"2020-12-21T10:10:00","date_gmt":"2020-12-21T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17024"},"modified":"2020-12-02T15:25:19","modified_gmt":"2020-12-02T23:25:19","slug":"listings-shortage-will-push-home-prices-higher-in-2021","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/12\/listings-shortage-will-push-home-prices-higher-in-2021\/","title":{"rendered":"Listings Shortage will Push Home Prices Higher in 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">Against a tumultuous backdrop, the Canadian housing market put on a remarkable display of resilience in 2020.<\/p>\n<p style=\"text-align: justify;\">Now, as we enter the final stretch of this bizarre and challenging year, one of the country\u2019s largest brokerages is forecasting more healthy home price growth and strong buyer demand for 2021.<\/p>\n<p style=\"text-align: justify;\">RE\/MAX Canada published its Housing Market Outlook Report on Tuesday, addressing a wide range of real estate topics, from the pandemic-driven suburban home buying surge to the much-better-than-expected performance of the country\u2019s housing market despite 2020\u2019s abundant economic turmoil.<\/p>\n<p style=\"text-align: justify;\">RE\/MAX brokers and agents surveyed for the report said a lack of housing supply hitting the market will continue, leading to challenges for homebuyers and putting more upward pressure on property prices.<\/p>\n<p style=\"text-align: justify;\">This upward pressure is expected to result in national home price gains in the four to six percent range for 2021, driven by \u201cmove-over\u201d buyers who are relocating from their cities and provinces and \u201cmove-up\u201d buyers looking for more space.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve seen a lot of anecdotal evidence since the summer that households are considering significant lifestyle changes by relocating to less-dense cities and neighbourhoods,\u201d said Christopher Alexander, Executive Vice President at RE\/MAX Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cThis has sparked unprecedented sales this year in suburban and rural parts of Canada and we expect this trend to continue in 2021,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">There was certainly no shortage of pessimistic takes on the country\u2019s housing market in the early days of the pandemic. With housing markets frozen due to lockdowns and subsequent restrictions, it was difficult to be optimistic as sales plummeted through the spring and job losses piled up.<\/p>\n<p style=\"text-align: justify;\">Yet, according to a survey of Canadians commissioned by RE\/MAX for the report, the pandemic directly influenced only six percent of Canadians to sell their homes this year. It\u2019s a far cry from the anticipated market upheaval caused by large numbers of homeowners who, unable to make mortgage payments, would be forced to sell, leading to a tsunami of listings hitting all at once and driving property prices down.<\/p>\n<p style=\"text-align: justify;\">Instead, the survey found that 40 percent of Canadian homeowners realized their current home needed renovations during the pandemic while 29 percent said they decided they needed more space.<\/p>\n<p style=\"text-align: justify;\">As for the outlook for 2021, 52 percent of Canadians were confident that the housing market would \u201cremain steady\u201d and still viewed real estate as a strong investment option.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/12\/listings-shortage-canadian-home-prices-higher-2021.html\" target=\"_blank\" rel=\"noopener noreferrer\">Re\/Max : Listings Shortage will Push Canadian Home Prices Higher in 2021<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Against a tumultuous backdrop, the Canadian housing market put on a remarkable display of resilience in 2020. Now, as we enter the final stretch of this bizarre and challenging year, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/12\/listings-shortage-will-push-home-prices-higher-in-2021\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17024","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Listings Shortage will Push Home Prices Higher in 2021 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/12\/listings-shortage-will-push-home-prices-higher-in-2021\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Listings Shortage will Push Home Prices Higher in 2021 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Against a tumultuous backdrop, the Canadian housing market put on a remarkable display of resilience in 2020. 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