Average home price in Canada forecast to reach $680K — up 19.9% from last year

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The Canadian Real Estate Association estimates that the country will wrap up the year with lower home sales than before as it says tight supply conditions will push up housing costs.

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The association estimates that about 656,300 homes will change this year, an increase of about 19 percent from 2020 levels, but a decrease of about four percent from 682,900 earlier this year.

The association says the record-setting numbers predicted are a downward revision as sales this spring declined more quickly than predicted.

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CREA says the national median home price is now expected to reach $680,000 this year, up 19.9 percent from last year. The earlier forecast predicted an average price for 2021 of around $678,000.

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Canadian home sales are projected to fall 12.1 percent to about 577,000 in 2022, while prices are expected to rise 5.6 percent year over year to about $718,000 next year.

The new forecast comes as CREA says month-over-month home sales rose 0.5 percent to 48,379 in August. There was a 14 per cent drop in home sales last month compared to a year ago.

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