According to a PricewaterhouseCoopers (PwC) report from last year, Canadians own, on average, the third-largest homes in the world, behind only Australians and Americans. At nearly 2,000 square feet, our homes are more than twice as large as homes in Britain, despite the fact that our families are no larger than theirs.- Construction of new detached homes in Toronto and Vancouver has declined to multi-decade lows, due to rising land prices that push developers to build more densely, and also due to municipal density requirements. That means home buyers are chasing mostly after the existing stock of detached homes, even as cities’ populations grow.
- According to a new poll from Ipsos, 93% of seniors polled want to stay in their homes throughout their retirement. That reduced turnover is part of the reason why prices have soared in recent years.
Source: Huffington Post
For a variety of reasons the residential real estate market has slowed somewhat from its frenetic pace of the past few years. Call me for the details.
Sellers must be realistic if they want to sell in today’s market, and buyers have more time to shop around. As always, good homes at good prices are still selling, some with multiple offers.
If you are thinking about selling maybe it’s time for a chat.