The pandemic proved to be a less influential factor than anticipated
Despite the substantial economic impact of the COVID-19 global crisis, Ontario home prices exhibited a markedly faster pace of growth compared to other major Canadian markets during the pandemic year, according to a new study by HelloSafe.
In the 12 months ending March 2021, Ontario’s real estate prices increased by 29.9% to settle at an average of $890,035. For perspective, British Columbia saw a 20.2% gain to $945,936 during the same timeframe.
HelloSafe said that this attests to “Ontario’s housing market dynamism despite the gloomy circumstances of COVID-19,” with the main drivers being the prevailing ultra-low-rate environment and the accumulation of demand during the lockdowns of the past year.
“The crisis seems not to have stopped the dynamism of the market,” HelloSafe reported. “On the contrary; the real estate market is in better shape than ever.”
Read more: Navigating the red-hot GTA market
The Greater Toronto Area and its surrounding markets were the epicentres of this strength. During the period covered by the study, some of the largest annual price gains were observed in the GTA itself (21.8%) and Guelph (29.7%).
Another strong performer was Ottawa (29.1%), while even greater increases were reported in Orangeville (31.3%), Hamilton-Burlington (32.5%), Kitchener-Waterloo (33.4%), and the Durham region (36.5%).
