Average House Prices In Canada Could Soar To Over $700K In 2022 With A 'Record' Low Supply

If you're looking to buy a place of your own sometime soon, average house prices in Canada are expected to continuing rising and soar to over $700,000 next year, so good luck!

The Canadian Real Estate Association (CREA) has updated its forecast on home sales activity across the country for 2021 and 2022, and it predicts there will be price increases in both years, with supply being at "record lows."

In 2021, the national average home price is expected to rise by 19.9% on an annual basis to $680,000. The CREA said this is a historically large increase that reflects an unprecedented imbalance between supply and demand in Canada's housing market.

Moving into 2022, it's not going to get any cheaper. Even with supply still at record lows, the national average home price is forecast to rise by 5.6% on an annual basis to around $718,000 that year.

Unfortunately renting isn't getting much cheaper either; a recent rent report by Zumper found that many cities in Canada are experiencing growing monthly rent prices, indicating a strong recovery of the rental market.