Canadian home prices expected to be up 20% by end of the year
Article Courtesy of Daily Hive | Laura Hanrahan
Canadian home prices are on the rise with a near 20% projected increase by the end of December, according to the Canadian Real Estate Association’s (CREA) most recent report.
As home sales across the country saw a slight drop in August, falling 0.5% compared to July, prices continued to rise, bringing the average Canadian home price up to $663,500.
And although compared to last August the number of sales was down 14% year-over-year, the average selling price was up a whopping 13.3%.
The new national average selling price, according to the report, is heavily influenced by sales in just two areas: Greater Vancouver and the GTA.
“Excluding these two markets from the calculation in August 2021 cuts over $130,000 from the national average price,” CREA’s Canadian housing market report reads.