Condo Listing Are Soaring Across Canada As People Keep Abandoning Cities Report Says
There is a big trend in Canada that is seeing condo apartment listings surging while detached suburban markets take a different route.
As Toronto’s market overflows with people selling condos, others are packing up and hitting the road to the suburbs, according to a report by the Royal Bank of Canada.
This has already become Canada’s biggest real estate trend for 2021.
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Condo supply is soaring in most major markets, especially in urban cores.
RBC
RBC's results from October showcased that home resales were 23% to 37% above last year’s level, and buyers are really wanting single-detached homes.
The opposite is happening in terms of condos, where supply is massive in urban areas, and demand is not.
In Toronto, single-detached homes were a hot commodity with sales coming up 34% compared to last year and listings for homes went down 30%.
However, downtown saw a different story where condo sales fell 8.5% while active listings for this type of dwelling rose 173%..
Vancouver saw some interesting numbers too, where home resales went up 29% and buyers flocked to single-detached homes which were up 42%.
Interestingly, the desire for condo apartments went up 13% there too.
Ottawa and Montreal are seeing similar numbers where resales are up 34% and 37% respectively.
Both cities reportedly have also seen condo listings soar, especially on the Island of Montreal.
Looks like people are officially moving out!