Average Price of Canadian Houses Expected to Hit $620K Next Year Says Real Estate Group

The Real Estate Association of Canada (CREA) said the median home price nationwide is expected to grow 9.1% – to 620,400 by 2021.

Supply shortages, especially in Ontario and Quebec, are expected to lead to strong price growth, while Alberta and Saskatchewan are expected to see average prices rise after several years of devaluation, the association said.

“Current trends and the outlook for housing market fundamentals suggest activity will remain relatively healthy through 2021, with prices either continuing to climb or remaining steady in all regions,” CREA said in a news release.

CREA, which represents more than 130,000 real estate agents across the country, also reported that home sales nationwide continued to be at historic highs in November, with sales up 32.1 percent. with November 2019.

So far this year, about 511,449 homes have been handed over to the Canadian MLS System, up 10.5% from the first 11 months of last year.

“Many Canadian housing markets continue to see historically strong levels of activity, so much so that a new annual sales record this year is looking more likely every day,” CREA chair Costa Poulopoulos said in the statement.

Robert Kavcic, a senior economist with BMO, said the housing market will remain in a healthy state by 2021, even as housing sales and sales begin to decline relative to current heat levels.

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