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

Buying a home just keeps getting more expensive! 🏡

Average House Prices In Canada Could Soar To Over $700K In 2022 With 'Record' Low Supply
Dillon Kydd | Unsplash, Juan Rojas | Unsplash
Senior Writer

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.

From Your Site Articles
canadian housing markethouse pricescanada house prices
CanadaReal Estate
  • Lisa Belmonte

    Senior Writer

    Lisa Belmonte (she/her) is a Senior Writer with Narcity Media. After graduating with a Bachelor of Journalism from Toronto Metropolitan University (formerly Ryerson University), she joined the Narcity team. Lisa covers news and notices from across the country from a Canada-wide perspective. Her early coverage of the COVID-19 pandemic earned Narcity its first-ever national journalism award nomination.

Canada's monthly fall forecast says this is when it'll start snowing in each province

The first snow of the season is almost here!

I had no idea these 10 things were actually Ontario-specific until I moved away

Do you know what a stag and doe party is? You're probably from Ontario.

Government benefits with September payment dates are giving hundreds of dollars to Canadians

Some federal payments offer close to or more than $1,000!

This new Canadian coin is like a black loonie but it's worth much more than $1

It has black rhodium plating and high-contrast frostings.

Pentagon defends Hegseth's controversial post about Canadian cadet program

Pentagon defends Hegseth's Canadian cadet post

Lotto Max winning numbers for Tuesday, September 1 are out and there's a $15 million jackpot

You can check if you're a winner.

9 Air Canada jobs across the country that pay up to $46 an hour and get you travel perks

The airline offers low flight fares to employees.

This Canadian island is 'more Scottish than Scotland' and it's like a trip to the Highlands

Explore rugged cliffs, coastlines and Scottish traditions — without having to leave Canada. 🇨🇦

Commander suggests U.S. war on 'Martians' as likely as an invasion of Canada

U.S. commander dismisses notion of invading Canada

I went to Giant Tiger for the first time — These 6 surprising things sold me for good

It's not the prices 💰