We got a great question from one of our Instagram followers and it is being asked quite a bit this time of year. The prediction business is a difficult one – a Royal Lepage report predicts a 5.5% increase for 2021 for real estate. More like shooting darts as far as I’m concerned.
I prefer to look at different segments. Land based homes (detached, semi’s, townhomes) will continue to do well. Canadians want more space to live, work, play, and learn.
Condo’s in the downtown core will continue to lag as immigration trickles in and foreign students go missing until September 2021. A record number of condo completions will flood the market increasing supply and putting more pressure on values. There will be good value buys in great locations.
Recreational properties will be the winner in 2021 as travel restrictions will continue to be in place with vaccine distribution and logistic challenges. The issue will be finding supply in this sector and a lack of it will push values to record levels.
Time will tell.
– By: Vince Gaetano
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