The market will remain positively robust for 2021 due to a few predominant factors. Demand for townhomes and single-detached homes has been accelerated by the pandemic, as homeowners are now working from home and the overall importance of a home has changed. Homeowners now want to take advantage of maximizing space and value for their home.
There were record-breaking sales in lowrise in 2020. Southwestern Ontario recorded the largest volume of sales in 2020, as homebuyers relocated to secondary markets outside the GTA. Your average pre-construction price per sq. ft. in Southwestern Ontario is approximately $600 per sq. ft., compared to approximately $1,200 per sq. ft. in the GTA. For example, pricing on homes in Hamilton saw nearly a 10-per-cent increase in 2020, despite the pandemic, and this increase will continue in 2021.