Most will be very happy to turn the calendar to 2021 and say “good riddance, 2021 can only be better” – but we are not sure that can apply to the Real Estate Market, as it has been a big-time record year. To the end of November 2020 the total number of sales are up 16% and the total dollar volume sold is up 27%. Unbelievable considering we lost 4-6 weeks in the initial lockdown.
The market has been particularly strong in the Maritimes, but good pretty much across the country. In my view, the explanation for this involves the following factors:
-Very low number of listings for buyers to choose from (often resulting in many showings the first day on the market with multiple offers presented);
-Even this year many have still been moving here, in some cases buying virtually. With the new reality of being able to work from home, people are choosing our area over the busy and expensive Ontario cities, and we continue to attract retirees. As we hopefully get back to “normal” many more now know that we are a “safe” place, so this trend will continue.
-As people spend more time at home, they choose to put money in a “nicer” home, using money taken from investments and that which would have been used on vacations, etc. to upgrade. Also, rental rates significant increase in the last few years has made it cheaper to buy than rent for many young people and has made the multi-family investment property market even crazier than the home market.
-A number of positive things also happening in our area business-wise should ensure that our market remains strong for the foreseeable future.
We welcome all good people – to the greatest place in the world to live, other than maybe a beach in the Caribbean. ☀︎