The real estate market is getting more expensive. Median home prices in Canada have gone up during this year despite the COVID-19 pandemic and they are expected to go up before 2020 is over.
Royal LePage released its House Price Survey and Market Survey Forecast on October 14 and it shows the surge in real estate prices.
Compared to where home prices were at the end of September 2019, they've gone up by 8.6% this year.
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The median price of a home in Canada
According to Royal LePage, the delayed spring market has extended through the end of September so there's pent-up demand which has fueled prices and sales.
Year-over-year the median home price in Canada has increased to $692,964 in the third quarter.
Royal LePage said that high demand and low inventory makes this a seller's market.
In terms of house type, the median price of a two-storey home grew by 10% year-over-year to $819,906, the price of a bungalow rose by 7% to $570,701 and the price of a condo increased by 5.3% to $510,365.
Ontario and Quebec have the regions with the highest increases.
While there was the possibility that house prices could get cheaper because of the pandemic, that hasn't happened.
Royal LePage is predicting that the median price of a home in Canada will finish off 2020 7% higher than the end of the year in 2019.