A very complicated real estate survival has been witnessed by Canadians after years of heavy increases in real estate and rental prices. Recently, prices soared to a record high of real estate especially in developed cities. Sales of homes and condos increased by 6.3 percent. This is why 2015 and 2016 were the most aggressive years for property and nearly shook the entirely real estate industry. After 2016, the prices started stabilizing but have not yet reached the position where demand meets supply. The supply of new homes is still a question especially in Montreal and similar cities which keeps the prices of apartments, condos, and other properties above the threshold. It is predicted that in future years, prices might stabilize further.
Regulations in Mortgages
One of the major reasons why property prices aren’t shrinking down to levels seen 5 years ago is the new mortgage rules and regulations passed. Such strict rules and lending regulations create a tougher environment for owning a property, subsequently, increasing property prices. However, this has also reduced the number of sales as due to increase in prices and tougher rules, people are reluctant or unable to own properties. A 3.3 percent fall in property sales is expected this year. However, many people who are looking towards drop in rental prices should not keep their hopes high due to increased shortage of apartments, condos, and other properties.
Condos are the New Houses
The most demanded type of housing for Canadians are Condos which are growing in popularity in Montreal, Vancouver, and Toronto. Many of these cities are aggressively turning industrial areas into housing to deal with affordability and infrastructure issues. Due to the lack of supply for family homes, people are aggressively shifting towards condos which have already seen higher investor interests than before.
Due to increased demand, the rent for condos has also risen about 12 percent and the sales of condos has seen a soaring 34 percent increase in sales. This increase is even greater when observed in non-urban areas.Due to many people having problem with housing affordability: apartments, condos and similar properties are seen as alternatives,thus, increasing demand and ultimately rent of such properties.
Searching for Apartments, Condos Now Easier with Catchfree.ca
Looking for apartments in the soaring property prices is very difficult and costly. If you hire a dealer, it is possible that they might not be able to get you your desired place and might not be able to save you enough money. With the invent of classified websites and their increasing popularity, owning or renting apartments, condos, and other properties is now easier, safer, and quicker than before. With a touch of few buttons, users from all over Canada can come and search for properties without having an agent making it more cost effective and quicker. This is another reason why Catchfree.ca is the people’s choice in Canada for buying and selling properties.