Posted April 28, 2021 14:54
Canada has seen an increase in home prices over the past year due to COVID-19. As a consequence of more people working from home and moving to rural and suburban areas.
This is confirmed by the latest data published by the Canadian Real Estate Association (CREA), which shows a 25% increase in the average price of homes compared to last year. This calculation was carried out by comparing the average price in February 2020 and February 2021, which went from $542,484 to $678,091.
One factor that has contributed to this increase is the fact that more and more people work from home and therefore do not need to reside near their jobs.
As stated by CREA economist Shaun Cathcart “This means that those who owned condos or small houses within the city, took the capital gain from it and moved to a place that adjusts to the new reality. A house that is their children's school, the gym, the office, etc. "
This report also notes that the places with the highest growth year-over-year are the Northwest Territories (48.1%), Nova Scotia (30.4%), Ontario (24.5%), Quebec (22.5%) and New Brunswick (20.9%).
In a comparison of rising prices in each territory, Ontario remains at the top of the list with an increase of $170,000, followed by the Northern Territories, British Columbia, Nova Scotia and Quebec.
Lastly, Cathcart indicated that these prices can be expected to continue increasing for this year and then remain in 2022 at a decelerating pace.
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