It might be hard to believe, considering how the province is suffering through the worst public health crisis in its history, but the Ontario real estate market is booming. From the major urban centres of Toronto and Ottawa, to the rural communities of Renfrew County and Prince Edward County, close to every housing market in Ontario has been posting record-setting gains. This, in the midst of the coronavirus pandemic and tepid economic recovery.
Due to historical growth, many real estate industry observers and market analysts have been discussing a broad array of topics and trends, such as bubbles, crashes and evolving consumer behaviours. But with the Ontario real estate market booming, it’s understandable that some are anticipating an imminent correction, downturn or downright collapse. In Toronto, the average semi-detached house is selling for $1.7 million. In Simcoe County, the average price of a home has spiked 33 per cent year-to-date, to $600,000.