Canadian housing market trends in 2021: RBC predicts a rise in prices!

You don't need to be actively keeping up with the housing market to know that right now, the Canadian real estate market is on fire. As a realtor working in the Greater Toronto Area (GTA), I can definitely see a strong seller's market and strongly support the market forecasts published by RBC Economics in this report published on January 13, 2021.  

RBC predicts that housing prices will likely continue to  rise in 2021.  

Working with first time buyers, I can personally relate to the claims made in this report. Since December 2020, I have been entering bidding wars much more frequently, with my buyers being prepared to purchase homes at a price that is well above the listing price. For instance, in Brampton itself, an older  3 bedroom semi-detached home with an incomplete basement recently sold $90,000 above asking price in a multiple offer situation. 

Team Gill specifically had to put 15-20 offers for a single first-time buyer client looking for a house in Brampton. After 5 long months and 20-something rejected offers, we are proud to share that we have officially helped our first time buyer seal the deal on a detached 3 + 2 bedroom home in Brampton for just $730,000 (a price that seems like a dream in today's market)! If this particular buyer was to sell this property today, they can profit $80,000-$120,000 easily!! 

RBC predicts an 8.4% increase in home prices in 2021. 

RBC has forecasted growth in the 2021 sale prices and the units sold. Buyers are very motivated to enter home ownership as the low mortgage rates during this time strongly incentivize them.  Sellers are well aware of this fact and are valuing their properties are greater prices. 

Taking RBC's market forecast in consideration, it is my suggestion that buyers looking to purchase their first property (or even an investment property) need to enter the market as soon as possible. This will allow them to experience the predicted 8.4% increase in their ​investment. 

How can I help? 

I work mainly with first-time buyers and investors to secure them great properties at even greater prices! If you're looking to enter home ownership at this time, contact me on my Instagram, LinkedIn or my phone number (647-210-4455) to get your search started! 

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About the author: Puneet Gill

Puneet Gill is a licensed Real Estate Salesperson working in the GTA, Oshawa and Niagara. 

She started her career selling and managing investment properties in Oshawa, Barrie and Niagara. She also specializes in selling homes to first-time buyers looking to enter home ownership in the GTA region. 

In her first year as a Realtor, Puneet Gill has sold $9 million in residential real estate while studying full-time in Master of Management at the Schulich School of Business. 

Follow Puneet Gill on Instagram & LinkedIn.