How hot is the Canadian real estate market right now? It is skyrocketing so much that the Canadian Real Estate Association (CREA) is projecting that the housing market is poised to post record highs again this year. According to the association, more than 700,000 properties will change hands in 2021, up from 551,262 last year. The national average home price will surge by an annualised rate of 16.5 per cent to $665,000 this year. All this is because demand is exceeding supply at a record-breaking pace.
But will this strength continue in 2022? CREA believes that the Canadian real estate market will be beginning to cool down next year, with 614,000 transactions and prices coming in below $680,000.
“At this point everyone…
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