Promonade park towerscondos . The real estate will forecast house prices next year
Promonade park towerscondos . The real estate will forecast house prices next year. Ontario is expected to rise 16.3% next year. The Canadian Real Estate Chamber of Commerce (CREA) expects the property market to remain healthy next year.
House prices everywhere will continue to rise or remain stable. The average house price in Ontario will rise by 16.3%, driving the national average house price up by 9.1%.
The report says economic activity has slowly recovered from the first wave of the COVID-19 outbreak. Over the past few years, a large number of new immigrants, low interest rates and millennials have entered the market to support the real estate market. The Central Bank of Canada will keep interest rates low until 2023, and current home loan rates will continue until the end of 2021.
The report points out that the national real estate market rebounded to a new high in the second half of this year. Although the number of new listings in many regions has increased to the five-year average, it is still not enough to cope with the sharp rise in demand. The influx of buyers has spread to prairie and Newfoundland provinces, prompting upward pressure on local home prices.
The chamber of commerce predicts that the buoyant market in British Columbia and Quebec has pushed national home sales to a new record of 544413 units this year, up 11.1 per cent from last year. Asia is the only province in the country with a decline in sales, the same as last year, down 0.2%. It is expected that the average house price this year will rise to more than 568000 yuan, an increase of 13.1% over the same period last year.
The report points out that even if market conditions return to normal next spring, home sales will still rise 7.2% to 584000 units for the whole year. With the exception of Ontario, which had a negative growth rate of 3.3%, New Mercedes-Benz province had the highest increase of 19.4%. Ontario is affected by insufficient supply, but demand for larger single-family properties will push up average home prices.