It’s no secret that home prices in Ontario have gone up over the past year, but according to a new report, they’ve skyrocketed a whopping 30%.
On Wednesday, the Canadian Real Estate Association released its statistics for the month of November, revealing Ontario’s shocking year-over-year price growth. It’s the second-highest increase out of all Canadian provinces, beat out only by New Brunswick which surpassed the 30% mark.
“November provided another month of evidence that the housing supply/demand issues facing the country have not gone away,” said Cliff Stevenson, chair of CREA. “Even at what is traditionally the slow time of year for housing, conditions and price trends are at the same record levels we saw this spring.”
Year-over-year price growth in British Columbia came closely behind Ontario’s with a 25% increase. Manitoba’s has risen by 13%, Newfoundland by 10%, and Alberta and Saskatchewan’s growth sits in the mid-to-high single digits, according to the report.
With all of these jumps in value, the national average home price rose to $720,850 in November, up 19.6% from November of the previous year.
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As for what’s to come in 2022, it’s likely going to be a continuation of current market trends.
“Housing cycles can be very long, so market trends do not care that we’ve put new 2022 calendars up on our refrigerator doors,” said Shaun Cathcart, CREA’s senior economist.
“The fact is that the supply issues we faced going into 2020, which became much worse heading into 2021, are even tighter as we move into 2022. Interest rate hikes will make it even harder for new entrants to break into the market next year, even though activity may remain robust as existing owners continue to move around in response to all of the changes to our lives since COVID showed up on the scene. As such, the issue of inequality in the housing space will remain top of mind.”