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Average House Prices In Canada Could Soar To Over $700K In 2022 With '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.

Buying a townhouse in Toronto is pretty much a pipe dream these days, and since most people are well aware of that fact, they've been looking outside of the big city to find something more affordable. Now because of that, even Toronto's suburbs are getting sucked into the pricy real-estate bubble.

A new Strata report explains that since detached homes in the 6ix are over $1 million on average, more people "chase after the next best thing" and look for a townhouse to buy (especially since they average out to be $730,000 in the GTA.)

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Victor Torres | Dreamstime, Angel Gonzalez | Realty of Chicago LLC

If you're dying to buy a home but the prices in your city are just too wild, you might want to move to Chicago.

The city was just ranked as the most affordable housing market in North America, according to the North American House Affordability Index from Oxford Economics.

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The Cost Of A Home In Canada Is Expected To Clear $750K By The End Of 2021 & Just Ouch

These 3 red-hot real estate markets are definitely not helping! 🔥

If you were hoping that the cost of housing in Canada would lower in time for the holidays, your Christmas miracle is in danger!

According to a new report from Royal LePage, the aggregate cost of a home in Canada is set to increase to $771,500 by the end of 2021, 16% higher than the same time in 2020.

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Vancouver rent prices are known for being out of control, but now we can see just how much.

Zumper released a national rent report and Vancouver is at the very top of the list — beating out Toronto by $330 a month for a one-bedroom.

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