Median home price expected to reach $693,000 by the end of the year, a 7 per cent increase from the end of 2019
by Ari Altstedter, Bloomberg News
Even a once-in-a-century pandemic isn’t enough to cool the Canadian housing market, with prices nationwide now forecast to end the year higher than where they started.
The median home price in Canada is expected to reach $693,000 (US$527,000) by the end of the year, a 7 per cent increase from the end of 2019, according to a projection from brokerage Royal LePage. The market continues to show strength across the country, with 97 per cent of regions reporting higher home prices in the past three months, the company said.
In Toronto, which UBS says has one of the greatest housing bubble risks of any major city in the world, the average price reached $975,980 by the end of September, up 11 per cent from the same period a year before.