The average price of a home in Canada could rise over 16% in 2021

Click to play video: 'Canada’s million dollar real estate club grows'
Canada’s million dollar real estate club grows
Move over Vancouver there's a new member of the million dollar real estate club. A day after Vancouver reported a 73 percent jump in sales for February , Toronto numbers jumped over 50 percent with the average price of a home topping the million dollar mark. Financial analyst Michael Campbell has the details – Mar 3, 2021

Canadian Real Estate Association says its outlook suggests home sales will remain strong this year, resulting in a record number of sales, but then start to cool in 2022.

The association says it expects nearly 702,000 properties to trade hands through Canadian MLS systems this year compared with 551,262 in 2020.

Home sales are forecast to be around 614,000 units in 2022.

Financial news and insights delivered to your email every Saturday.

Meanwhile, the national average home price is forecast to rise by 16.5 per cent on an annual basis to just over $665,000 in 2021 and $679,341 in 2022.

Click to play video: 'House prices soaring in Vancouver and Toronto'
House prices soaring in Vancouver and Toronto

The updated outlook came as CREA says home sales in February were up 6.6 per cent compared with January and up 39.2 per cent compared with a year ago.

Story continues below advertisement

The actual national average home price in February was a record $678,091, up 25 per cent from a year earlier.

Sponsored content