While it’s not as intense as previous years, a new forecast is showing that Canada’s average home price is set to rise over 10% in 2022. The latest market forecast from Royal LePage has reported that every major market will see home prices rise next year, but of course, at some significantly different rates. Let’s check it out!
As always, Vancouver and Toronto are leading the charge for price increases. And while Vancouver is staying as the most expensive market in the country, Toronto is actually forecast to have higher increases next year. For the GTA, the detached home price is set to rise 10%, up to $1,564,200, while condo prices could rise 12%, tracking for $763,800, and an average increase of 11%.
According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to rise 10.5% year-over-year to $859,700 in the fourth quarter of 2022, with the median price of a single-family detached property projected to increase 11.0% to $918,000. pic.twitter.com/1v6ITFgJrz
— Royal Lepage Platinum Realty Brokerage (@rlpplatinum) December 17, 2021
Metro Vancouver isn’t far behind, though, While condos should only rise some 8% ($766,800), detached homes continue to march upwards, with a target of around 12%. Incredibly, this means that the average detached home in Vancouver will be priced around $1,892,800, coming close to the dreaded, but nonetheless astounding, $2M average.
The only other market to see this kind of insane rise in price? Halifax, which will see houses and condos rise 10.5% and 8%, respectively. Halifax is also projected to have one of the narrowest gaps in price between houses and condos for 2022, with homes projected at $594,500 and condos at $418,000. Yeah, it’s a far cry from the million-dollar differences in Vancouver and Toronto.
Meanwhile, the Prairies markets will also rise, but not nearly as aggressively as the ones we just talked about. Calgary and Edmonton, for example, will see relatively modest (but still significant for real estate) increases of 6% and 5%, respectively. And, with some of the lowest project condo prices in the country ($229,500 and $184,800), we personally think they’re long overdue for a little bit of catch-up.
But hey, we’re not real estate experts, we’re just talking about the interesting updates in Canada’s increasingly crazy housing market. To check out the Royal LePage market forecast for 2022, just click here.