2021 key to new home

Why 2021 Will be Another Great Year to Buy a Home

It’s always difficult for us to answer questions about the future of the Markham real estate market. No one can predict the future, perhaps least of all for housing markets. So anything we say here, even though it’s based on our experience and knowledge of Markham real estate and in the end, it’s our best-educated guess.

That said, all indicators point to the New Year being another great year to invest in a home in Markham, Richmond Hill, York Region or anywhere in the Greater Toronto Area. 

4 Reasons Why 2021 Will Be a Good Year to Invest in Markham Housing

There are many different indicators that the New Year should be a good time to buy a home in Markham. These are among the highlights.

  1. It’s Not 2020 Any Longer – Yay! Has anyone ever experienced a year quite like 2020? While the uncertainty surrounding the COVID-19 pandemic is still with us, there is light at the end of the tunnel. While Donald Trump continues to rattle sabres south of the border, his actions have far less effect on the Canadian economy and real estate markets as they did when he was in office. 
  2. Interest Rates Will Remain at Historic Lows – The Bank of Canada has said that it doesn’t expect to raise its key lending rate, which is used by banks and other financial institutions to set mortgage rates, until 2023 at the earliest. That means mortgage rates should remain at or near their current low rates throughout 2021 and beyond. 
  3. Economic Stimulus Packages – Late last November, the federal government announced the largest economic stimulus package since World War II. Designed to help hard-hit businesses and trigger economic growth as we emerge from the pandemic, the package can offer home buyers that extra measure of confidence in making the decision to buy. 
  4. More Housing Inventory – While 2020 was full of surprises, few were bigger than the stability and even appreciation in the price of homes. The average price for homes of all types in Toronto & the GTA generally increased throughout all of 2020, when compared to 2019 prices.

    At the same time, the numbers of homes sold were significantly lower than in 2019. Many homeowners chose to not sell their homes due to uncertainty about house prices. With many of those uncertainties out of the way and good news about COVID-19 vaccines and economic stimuli, there’s every chance that the number of Markham houses for sale will increase this year.

You can find out more about Markham in our article “What is Markham Known For?”.