The real estate market in Wellington County remains extremely strong as we head into 2021. Unprecedented demand and low inventory of listings continued throughout the fourth quarter, leading to increases in sales volume and sale prices. In spit of the pandemic, the market should remain strong throughout 2021 with persistent demand.
Here’s a look at where the market stands right now, and what you’ll want to keep an eye on moving forward in 2021.
LOW HOUSING INVENTORY
At the end of last year, tight inventory created a great market for sellers. Even if the market begins to cool, 2021 may still bring favourable conditions for sellers and a competitive market for buyers.
BUYER DEMAND IS INCREASING
Many millennials and renters still have plans to buy a home in the next few years. With interest rates hovering at historic lows, homeownership could be more affordable for many during the first mortgage term, making this the perfect time for those with steady income to buy.
MOVING TO THE COUNTRY
At the end of last year, close to a third of Canadians wanted to leave the city and move to rural or suburban communities, especially as remote work becomes more common and available. But those who prefer city life may be able to scoop up a recently-vacated condo for a lower price as some owners leave for the countryside.
WE NEED MORE SPACE
Homes with extra rooms and outdoor amenities like a pool, balcony or patio are attractive to an increasing amount of buyers looking for more living space as family and work needs shift.