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House prices in Canada are expected to rise further in 2021, and housing and apartment costs are likely to soar.
House prices are expected to rise 5.5 per cent next year, according to Royal LePage, a Canadian real estate agent, predicting that real estate costs could rise 5.5 per cent next year, causing house and apartment prices to rise more than this year. The surge in house prices is expected to be driven by housing shortages and historically low interest rates.
If the forecast is correct, the average home price in Canada will climb to C $746100 next year. According to Royal LePage, the median price of a two-story house will rise to C $890100, while the average price of a Canadian apartment will be C $522700. This is going to put extra pressure on home buyers.
It is worth noting that house prices in the cottage country area have skyrocketed recently, with prices reported to be 11.5% higher than in the same period last year.
In response, Royal LePage CEO Phil Soper said: “the upward pressure on house prices will continue.” The Canadian Mortgage and Housing Corporation thinks house prices will fall in 2021, but not everyone agrees with the brokerage firm’s forecast for 2021.