"A new survey from the real estate firm Royal LePage shows that housing prices in Canada have jumped an astounding 21.4 per cent since this time last year.
The Royal LePage House Price Survey, released on Friday, shows that the aggregate price of a home in Canada has risen to $749,800 in the third quarter of 2021, compared to $617,800 in the third quarter of 2020.
The aggregate price refers to a “weighted average of the median values” of both condominiums and single-family homes for a given area.
During the third quarter, housing sales also slowed down, largely due to waning supply and demand, coupled with lessening pandemic restrictions, Royal LePage notes.
“With easing pandemic restrictions, there was finally something to talk about other than real estate, and people began travelling and socializing again,” Phil Soper, president and CEO of Royal LePage, said in news release.
“In addition, a year of relentless competition for too few properties drove some would-be purchasers to the sidelines as buyer fatigue set in. Yet their fundamental need or desire for a new home remains and we are seeing pent-up demand grow. We expect another unusually busy winter season building to a brisk 2022 spring market.”
When broken down by housing type, the median price of a single-family detached home rose 25.2 per cent, while the median price of a condo rose 13 per cent."