While home prices in Canada’s largest urban areas continue to appreciate, growth in secondary cities is outpacing that of major centres. The Canadian government plans to welcome 401,000 new permanent residents in 2021. The previous forecast, released in December, 2020, has been revised upward to reflect the current state of the market.Ī return to pre-pandemic levels of immigration the vaccine rollout’s impact on economic stability and confidence in the labour market and, continued low interest rates are supportive of home price growth through 2021. Royal LePage is forecasting that the aggregate price of a home in Canada will increase 13.5 per cent to $805,000 in the fourth quarter of 2021, compared to the same quarter last year. “The usual winter slowdown was non-existent, and that momentum was carried forward through the first quarter of 2021.” “2020 was a year like no other in Canadian real estate, with its unprecedented demand for homes, and month after month of record-setting sales and price appreciation,” said Phil Soper, president and CEO of Royal LePage. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.

When broken out by housing type, the median price of a standard two-storey home rose 15.9 per cent year-over-year to $894,140, while the median price of a bungalow increased 14.1 per cent to $628,341, and the median price of a condominium increased 2.0 per cent year-over-year to $509,364. The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and in 64 of the nation’s largest real estate markets. Seventy-seven per cent of regions surveyed reported median price appreciation of standard two-storey homes of ten per cent or more. More than two thirds of the regions surveyed (67%) saw year-over-year double-digit aggregate price gains, driven largely by the single-family property segment. TORONTO, Ap–According to the Royal LePage House Price Survey released today, the aggregate price of a home in Canada increased 14.1 per cent year-over-year to $749,165 in the first quarter of 2021, as strong demand continues to outpace supply in virtually every market across the country. Montreal’s aggregate home price forecast to increase 16% year-over-year the highest in Canada among forecasted regions.67% of the 64 markets surveyed posted double digit year-over-year aggregate home price gains.

Aggregate price of a home in Canada rose 14.1% year-over-year in the first quarter of the year.

Addressing chronically low inventory critical in solving nation’s housing affordability crisis.Canadian home prices forecast to end year 13.5% higher than 2020 as waning affordability and modestly improving supply begin to slow the pace of future increases

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