The demand for housing in suburban and semi-rural areas in Ontario is increasing, leading to a surge in new condo sales in smaller cities like Niagara and Simcoe. Home buyers are seeking larger properties with home offices and entertainment spaces due to the pandemic’s stay-at-home mandates, driving up housing prices in these regions by up to 30%. Preconstruction condo sales have seen strong growth in Wellington, Niagara, Simcoe, and Waterloo, while major urban centers like Toronto, Edmonton, Calgary, Hamilton, and Montreal experienced declines. Investors are also showing interest in suburban condos, expecting strong appreciation as the condo market catches up to the detached market.

Source: The Globe & Mail

Author: Rachelle Younglai

Published: March 8, 2021