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.
Condo supply is soaring in most major markets, especially in urban cores.
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!