According to a new report by LowestRates.ca on the Canadian real estate market, the average home price in Canada is continuing to increase.
In Canada, the number of homes sold in 2021 might reach 602,300, up 14 percent over last year from 550,000, which could drive the average home price in Canada to $649,400.
The average home price by province data shows that British Columbia leads the way with a price of $916,741, followed by Ontario at $866,307. Quebec and Alberta have an average home price of $449,698 and $442,808, respectively. Nova Scotia comes in fifth place at $363,330.
These stats were compiled with its own data, coupled with data from Canada Mortgage and Housing Corporation (CMHC), revealed that five-year fixed mortgage rates are near historic lows, most mortgage rate predictions suggest interest rates will rise in the second half of 2022.
The reason for this is due to the focused rollout of the COVID vaccine distribution, businesses starting to reopen, and the economic situation improves at a faster rate than projected.