Mobile sign in image
Sign in
EN - Real Estate

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

Ontario's home prices are set to rise more than anywhere else in the country.
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.

Editor's Choice: How To Give Your Room A Total Makeover With Just $22 At Dollarama

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."

Stay Informed
Get Toronto's latest and greatest stories every day straight to your inbox.

Toronto Is Changing Vaccine Certificate Rules For Indoor Sports This Fall

If you want to play ball, you might need to be vaccinated.

If you're unvaccinated and playing an indoor sport, you might not be for long.

Toronto Public Health announced on Friday that individuals 12 years or older will need to show proof of vaccination to participate in indoor sports starting November 1.

Keep Reading Show less

Buying a house in Ontario may seem like a dream, but some areas are a bit more affordable than others.

According to a new report by RE/MAX, the housing market will remain strong this fall, driven by young buyers and a low supply of houses.

Keep Reading Show less

A GoFundMe fundraiser for 22-month-old Inayah's family has already raised $14,937 of its $15,000 goal, as of Tuesday morning.

The young child died this past weekend after falling from a balcony near Lyle Street and King Street, according to police.

Keep Reading Show less

Ontario Provincial Police captured a random horse in Lanark County early this morning after it was spotted wandering around a highway.

Police responded to the traffic hazard on Highway 7 east of Perth at around 3:15 a.m. on Friday, according to a post on Twitter.

Keep Reading Show less