House Prices Continue to Rise in 2021, Says Royal LePage

Canadian real estate brokerage Royal LePage expects home prices to rise 5.5% by 2021, based on unexpectedly strong growth this year, due to a shortage of real estate for sale and low-interest rates.

The forecast is at odds with others, including government-backed mortgage insurer Canadian Mortgage and Housing Corporation, which predicts price decline in 2021, and some of the country’s biggest banks, which foresee more muted growth.

According to the Canadian Real Estate Association, Canada’s average home price jumped more than 15% to its all-time high in October from a year earlier.

RBC Bank and Scotiabank said in their FY2020 annual report they expect home price growth of 0.6% and 0.4% over the next 12 months, citing economic instability caused by the pandemic, weakening the condominium market and limited affordability of housing.

Royal LePage hopes the move to larger homes will be reduced when “life returns to normal”, alleviating some of the pressure on the apartment market.

Demand for apartments is expected to be good in most of Canada’s largest cities, with the exception of Toronto, the company said.

Ottawa and Vancouver are expected to lead the country, with growth of 11.5% and 9%, respectively, while Calgary and Edmonton lagged behind with growth of 0.75% and 1.5%. Prices in Toronto are expected to increase by 5.75%.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

Ontario COVID19 Update: Province Reports Fewer Than 100 New Cases of COVID-19 For the Third Straight Day

For the third day in a row, Ontario reported fewer than 100 new cases of COVID-19 with only 86 new cases reported...

Canadian Foreign Minister Says Irresponsible “Tough Talk” with China was in Vain

Canada will continue to press China to improve its human rights record but is not interested in tough irresponsible dialogue, Foreign Minister...

New $350M support fund for COVID-19 community programs, 75% wage subsidy launching April 27: PM Trudeau

As the number of COVID-19 cases surpasses 2.5 million around the world, and 38,206 in Canada, Prime Minister Justin Trudeau announced today...

Federal Government announces Rent Relief for Businesses as some provinces prepare to reopen economies

Prime Minister Justin Trudeau announced today in his daily update a new rent subsidy program that will help support businesses that were forced to...

Ontario Providing $695 Million to Municipalities to Cover More Pandemic Costs

Ontario's financially troubled communities will receive an additional $695 million to help cover pandemic-related costs, the province's municipal affairs minister said on...

Premier Doug Ford Will Not Campaign for New Conservative Leader Main Focus is Ontario As Province Reports New COVID-19 Cases

Speaking to reporters at Queen’s Park on Monday Afternoon, Premier Doug Ford said he will not be campaigning for the new federal...

Finding Happiness in Bhutan

Have you ever thought that in the 21st century there might exist a mysterious land that is not subject to the...

This content is also available in: Tiếng Việt