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.
Royal LePage notes that the real estate market slowed down in the third quarter thanks to a "chronic lack of inventory" — with some would-be homebuyers pushed to the "sidelines" due to "buyer fatigue" — but prices are still expected to be on the up for the next little while.
The aggregate cost of a home in Canada in 2021's third quarter is just under $750,000, according to the real estate company, which is up 21.4% from this time last year.
"We expect another unusually busy winter season building to a brisk 2022 spring market," Phil Soper, president and CEO of Royal LePage, said in the report.
Unsurprisingly, the report forecasts the most expensive housing market to be Vancouver, with an aggregate home price of $1,265,000 by the end of the year, followed by Toronto at $1,093,500 and Ottawa at $738,200.