The Average Ontario Home Is Expected To Cost Nearly $900K By Next Year

It looks like the average cost of a house in Ontario will continue to soar in the coming year. 

According to The Canadian Real Estate Association's quarterly forecast, record-low mortgage costs and the surge in demand for housing have led to unprecedented results.

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CREA

This trend will only continue throughout the year, with a price increase of 16.5% across Canada, according to the report.

The price forecast shows that Ontario will see the most significant annual growth.

Despite having the second-most expensive homes in the country behind B.C., Ontario will see the biggest annual price change of any province, 21.2%, throughout 2021.

This forecast says that by 2022, the province's average home could cost $888,658, an increase of $33,440.

However, the CREA says that this trend will unwind in Canada by 2022, "as previously pent-up demand [is] exhausted, and as the urgency to purchase a home base to ride out the pandemic fades along with the virus itself."