Home sales in Canada hit new records

The residential real estate market in Canada is growing rapidly after a two-year downturn associated with the coronavirus pandemic. Sales of houses and apartments in Canada reach new records.

From January to October last year, 581,275 residential properties were purchased in Canada. According to the Canadian Real Estate Association, this is more than in all of 2020 (552,423).

In the third quarter of 2021, the average cost of housing in 11 major cities in Canada increased by 12.34 percent year on year. For comparison, in the previous year, this figure was 6.17 percent. Compared to Q2 housing in Canada has risen in price by 2.06 percent.

The average price of an apartment in Toronto at the end of 2021 is about $9,400 per square meter. You can buy a 120 sqm apartment in downtown Toronto for around $1,129,080 and rent it out for $3,740 per month. Your yield in this case will be 3.98 percent per annum.