Home prices are rising around Canada, as a number of cities in this country maintain a reputation today of being among the most expensive places to live in the world like Vancouver and Toronto.
Supply of homes is said to be tight and there is a strong demand still that the supply isn’t able to meet right now. The high cost already has some families and individuals looking elsewhere to see what they can afford for a home.
It’s believed that government stimulus and low interest rates have helped to fuel the problem of unaffordable housing in the country, according to some financial experts. And while a few have suggested (for years now) that we might see a housing bubble pop, others say that the demand still outpaces supply.
Canadian Home Prices Expected to Keep Rising
Through this year experts have suggested we will still see home prices in Canada rising. One recent report from Royal LePage discovered that the average price of a home in Canada grew more than 17 per cent year over year in the last part of 2021.
The average price for a home is said to be around $779,000 in Canada.
Worsening Housing Affordability in Canada
This is a top issue for many Canadians as millions struggle with inflation and increasing cost of living for gas, food, homes, and more.
While one politician or another has suggested there are various programs established that have been established and are designed to be looking to address this issue, others say it isn’t enough that is being done. The proposed solutions might not be nearly enough to tackle the serious issue of housing affordability around the country.
Millions of Canadians are being priced out of home ownership and ever seeing that dream realized for themselves and for their families. Many have suggested that more actions are needed to drastically increase the housing supply around the country, though even then it isn’t clear that this alone will solve the problem.
The issue of affordability for homes in Canada is worse in some regions than others.
In BC and Ontario for example they are seeing a more severe unaffordability around these regions than those might be who are in the Prairies for example, or other Canadian regions.
Costs are still expected to continue rising and it isn’t clear when or if there might ever be some sort of correction in the Canada housing market, despite this being an assumption that some financial experts have suggested for years now might be coming.