A new report from the real estate firm Royal LePage is predicting that Vancouver’s home prices will soar by up to 9% in 2021, following an imbalance of supply and demand this year. That’s the second-biggest price jump expected, after Ottawa at a mind-boggling 11.5%.
According to Royal LePage, Greater Vancouver has a relatively low number of homes for sales, resulting in a seller’s market that will drive prices up. In fact, the new aggregate price target for the city is a whopping $1,2262,600. The cost of an average 2-story home? $1,671,700. Yeesh.
Meanwhile, the market for apartments will also see some increase, but not as much as detached homes. Instead, we’re looking at a 3% jump or so, with a new average price of $684,300 as the target. Basically, things are getting more expensive across the board.
These jumps should also place Vancouver firmly as the most expensive housing market in Canada, after battling with Toronto for the title these past few years. Is that a good thing? Maybe. Depends on if you own a house already or not, we guess.
If you’d like to check out the report from Royal LePage in full, just click here! Happy house hunting, folks!