Homebuyers are used to Canada's real estate prices being led higher by big cities like Toronto, but few anticipated what would unfold in smaller cities and towns when COVID-19 hit.
The pandemic made many rethink their living situation. Working from home while being cooped up in a small condo wasn’t working, and big-city living was expensive.
So, buyers sought out more space and decided to drive until they qualify, especially in Ontario where prices have risen the most since the start of the pandemic. Low-interest rates also helped drive people into ownership.
Many ended up hours away from Toronto in places like Bancroft, the country’s leader in year-over-year average price gains of an astonishing 48 per cent.............Read More