If you were hoping to buy a new home this year, you might have to hold off! Despite the global COVID-19 pandemic, house prices in Canada reportedly just keep climbing.
Speaking to Global News this week, president and CEO of Royal Lepage Phil Soper described the price spike as a “COVID catalyst.”
He confirmed that Canada’s house prices are up around 10% in 2020, which is double the long-term average.
In particular, properties in cottage country have skyrocketed in price, with Canadians reportedly paying 11.5% more than this time last year.
The average price of a home in the recreational market
This year, the average price of a single-family home in the recreational market climbed to a whopping $453,046.
Similarly, the price for a Canadian waterfront home increased by 13.5% to a significant $498,111.
Recreational condo costs also climbed this year, rising by 9.7% to $280,830.
Royal Lepage's report, shared via Global News, predicts that the year-over-year increase has been driven by Canadians ability to work from home.
The Canadians paying extra for these properties aren’t using them as vacation homes, either.
Soper says more than 50% of the people buying these houses are purchasing them as full-time homes.
Better start saving, eh?!