The Canadian Housing Market
Benjamin Thompson Kirk
Benjamin Thompson Kirk
The Canadian Housing Market March 2022 saw fewer overall sales across the national housing market than 2021’s all-time record for the same month. However, this is not indicative of a decrease in prices. The average price of a home in Canada has increased by 11.2 percent year-over-year to $796,068. This trend is expected to continue, with the aggregate price of a home rising 15 percent, ending up just shy of $900,000.
There are many factors that have contributed to increasing house prices in Canada, which has led to more competition among buyers. The Canadian Government is taking steps to cool off the housing market by implementing a new policy that will ban foreigners from buying homes. This will reduce the competition among buyers and help to stabilize prices. For those thinking about buying a home in Canada, now might be a good time to do so. Although March 2021 marked a peak in overall sales, the market has a long way to go before it returns to preCOVID 19 levels.
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For those thinking about buying a home in Canada, now might be a good time to do so. Although March 2021 marked a peak in overall sales, the market has a long way to go before it returns to pre-COVID 19 levels.
You can learn more about the rising costs of the Canadian housing market by visiting the blog of Benjamin Thompson Kirk.