There could be bad news ahead if you were hoping to buy a property next year. Canada’s house prices are expected to climb even further in 2021 and house and condo costs could surge.
Royal LePage, a Canadian real estate brokerage, predicts that property costs could rise by 5.5% next year, causing house and condo prices to increase even more than they did this year.
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5.5%
Expected house price climb in 2021
According to CBC News, the company expects the spike to be driven by a shortage of properties as well as extremely low interest rates.
If the brokerage is correct, the average Canadian home could climb to $746,100 next year.
Under Royal LePage’s prediction, the median price of a two-storey home would rise to $890,100, while the average Canadian condo would cost $522,700.
It’s extra pressure on home buyers after a surge in many properties this year, too.
In particular, properties in cottage country have skyrocketed recently, with Canadians reportedly paying 11.5% more than this time last year.
"The upward pressure on home prices will continue," Royal LePage chief executive Phil Soper told CBC News.
However, not everyone agrees with the brokerage’s predictions for 2021.
Canadian Mortgage and Housing Corporation (CMHC), which is government-approved, suggests that some home prices could actually decline in 2021.
