The average cost of a house in Canada is expected to reach $ 680,000 this year

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Written by
STOREYS editorial team

The Canadian Real Estate Association (CREA) has just confirmed that it is even less possible for Canadians to enter the housing market with its recent cost forecasts.

According to the AIT, the average cost of a house in Canada is expected to climb to $ 680,000, up 19.9% ​​on the bank account from a year ago.

An earlier forecast had predicted an average home price in Canada of nearly $ 678,000 for 2021.

The association cited a tight offer as responsible for the price hike. The ACI predicts that approximately 656,300 households will change hands in Canada in 2021. This is an increase from 2020 levels, but a decrease of almost 4% from the 682,900 predicted more early this year.

Unfortunately, there doesn’t appear to be any future relief in the cost department for potential first-time buyers in Canada. The number of transactions is expected to drop 12.2% to around 577,000 in 2022 and prices are expected to rise another 5.6% annually to reach $ 718.00 next year. Sip.

Of course, that number seems low for anyone looking for a home in the Greater Toronto Area (GTA), where the average selling price for all homes combined has increased 12.6% year-to-year. the other to hit a high of $ 1,070,911 in August. Meanwhile, the selling price of a typical Calgary home was relatively modest at $ 459,600 in the same month.

Across the country, prices have climbed over the past decade, especially since the start of the pandemic. According to Statistics Canada, Canadian census metropolitan areas had an average residential property value per private dwelling of $ 303,000 in 2011 – a figure that sounds like a dream in our current climate.

Given the current crisis, housing remains a hot topic in the upcoming federal election, with affordable housing the number one concern for voters in the GTA. Hoping for a little change …

Written by
STOREYS editorial team


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