#WednesdaysatHomeLove – “Ontario’s ‘supercharged’ housing market”

Ontario’s ‘supercharged’ housing market — how did we get here?
Via Canadian Real Estate Magazine.

“Today’s housing market is ‘supercharged’…

‘All of the elements that normally lead to a really hot market, that’s advantageous for sellers, have been absolutely amplified.’

Buyer psychology shifted during the lockdowns leading to a greater demand for larger homes. People wanted detached homes rather than condos or higher density housing because of fear and uncertainty about what it was like to live in highly populated areas. People increasingly worked from home, separating them from business centres. They no longer needed to be close to a major city… Smaller markets were flooded with unprecedented demand. City buyers with large budgets competed in these smaller locations, bringing big market dynamics, such as multiple offer situations and bidding wars. Many of these buyers have the budgets to compete in bidding wars, which pulled up the average price contributing to price growth across Ontario and Canada…”

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