Housing Prices in Canada To Keep Rising Through 2022
Housing prices across Canada are set to keep rising throughout 2022, a new report suggests, with not even the prospect of higher interest rates expected to slow the trend. Royal LePage’s latest House Price Survey found the average price for a home in Canada increased 17.1 per cent year-over-year in the fourth quarter of 2021, hitting $779,000. In a majority of housing markets, prices increased by three per cent or more compared to the third quarter of last year, a trend the real estate firm says is not typical for a fourth quarter. “We finished 2021 on an unusually strong note,” said Royal LePage president and CEO Phil Soper. “The winter has been an extremely active one … and we expect that to continue into the spring.” Many of the biggest price increases were seen across much of Ontario — primarily in the Greater Toronto Area — and most major cities in British Columbia, according to the report. Calgary, Edmonton, Saskatoon and St. John’s, N.L., were among the only markets to see a single-digit increase between 2020 and 2021. This year’s increase was also driven far more by detached, single family homes — whose average price grew by 21.1 per cent compared to the end of 2020 — than condominiums, which climbed by 15.8 per cent. Soper says there was far more interest in larger homes due to the pandemic, which forced homes to become offices and classrooms in the age of remote work and learning. He predicts a “pendulum swing” will occur as Canada emerges from the impact of COVID-19, sparking interest in smaller condos again. Conservatives call for action on Canada’s real estate market, including limits on foreign investors buying homes Conservatives call for action on Canada’s real estate market, including limits on foreign investors buying homes – Dec 9, 2021 Across the country, the report says real estate markets are encountering the same problem of demand far outstripping housing supply. With not enough homes to go around, prices continue to be pushed higher.
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