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Summary

Canada’s Average Home Prices Are Ridiculous Right Now & Things Could Get Worse

Do you have over $700K lying around? 😅🏠
Canada’s Average Home Prices Are Ridiculous Right Now & Things Could Get Worse
Angelo Cordeschi | Dreamstime
Managing Editor, Canada

If you were wondering how much money you’d need to buy a house in Canada, the answer is a lot!

New research from Royal LePage Real Estate found that Canada’s aggregate home price right now is $749,165, which is a 14.1% year-over-year increase from the same time in 2020.

Editor's Choice: Canada Has Been Named The Best Country In The Entire World For The First Time Ever

Royal LePage Real Estate Services | Newswire

If you think that that price is high, experts at Royal LePage think it’s going to get even more expensive.

Royal LePage's Market Survey Forecast predicts that prices will rise to $805,000 by the end of 2021, with homes in the Greater Toronto Area and Greater Vancouver Area expected to cost $1,035,000 and $1,276,000 on average, respectively.

The reason property is so pricey right now, according to the company’s research, is because “strong demand continues to outpace supply in virtually every market across the country.”

Real EstateCanada
  • Helena Hanson

    Managing Editor

    Helena Hanson (she/her) is the Managing Editor of Canada for Narcity and MTL Blog, where she brings her expertise in dreamy, aspirational travel journalism to life. A first-class graduate of Cardiff University's School of Journalism, Helena has a passion for inspiring readers to discover the magic in their own backyards. Originally from the U.K., Helena has spent years uncovering hidden gems and must-see destinations across countries like Sri Lanka, Vietnam, Indonesia, Japan, and more. Having lived in both Canada and Australia, she's become a seasoned expert in off-the-beaten-path adventures and bucket-list experiences that don't break the bank. Whether she's writing about things to do in Ottawa, Montreal, or her favourite spot—Disney World—Helena hopes to leave readers dreaming of their next adventure.

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