{"id":18234,"date":"2021-07-19T10:10:00","date_gmt":"2021-07-19T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18234"},"modified":"2021-07-15T10:42:55","modified_gmt":"2021-07-15T17:42:55","slug":"aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/07\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\/","title":{"rendered":"Aggregate Canadian Home Price Up by 25.3% in Q2, will Jump By 16% Y\/Y in Q4"},"content":{"rendered":"<p style=\"text-align: justify;\">The aggregate price of a Canadian home will jump by 16% year-over-year in Q4-2021 amid voracious demand, according to Royal LePage\u2019s House Price Survey.<\/p>\n<p style=\"text-align: justify;\">The aggregate price of a home in the country is expected to reach $771,500 by the last quarter of the year, and while appreciation will slow, demand will remain elevated because foreign students, newcomers and investors will have arrived. In Q2-2021, the aggregate price of a Canadian home jumped by 25.3% year-over-year to $727,000.<\/p>\n<p style=\"text-align: justify;\"><strong>Greater Toronto Area<\/strong><\/p>\n<p style=\"text-align: justify;\">The aggregate price of a home in Canada\u2019s largest metropolitan region increased by 18.2% year-over-year last quarter to $1,035,000, with the single-family detached segment rising by 28.2% to $1,301,000, and condos increasing by 8.6% to $630,000. In the City of Toronto, the aggregate price of a home rose by 8.3% year-over-year in Q2-2021 to $1,115,000, with single-family detached homes increasing by 14.8% to $1,550,000 and condos climbing by 5.8% to $695,000.<\/p>\n<p style=\"text-align: justify;\">Royal LePage attributes the exorbitant valuation increases to a \u201cchronic housing supply shortage,\u201d for which there\u2019s no solution in sight. Although market activity is expected to be slow during the summer, in-person learning in post-secondary institutions, and the renewals of tourism and immigration will conspire to push demand, and by extension prices, skyward. The report anticipates downtown Toronto will return to its pre-pandemic vibrancy, but it also warns that City Council\u2019s intention to raise the municipal land transfer tax for purchases over $2 million could aggravate the shortage of housing inventory.<\/p>\n<p style=\"text-align: justify;\">Royal LePage forecasts the aggregate price of a home in the GTA will rise by 14.5% year-over-year in Q4-2021.<\/p>\n<p style=\"text-align: justify;\"><strong>Greater Montreal Area<\/strong><\/p>\n<p style=\"text-align: justify;\">The second-largest metropolitan area in Canada saw home prices rise by 21.7% last quarter over Q2-2020 to $514,000. Single-family detached homes in Montreal increased by 25.5% in Q2-2021 to $559,000, while condos rose by 14.1% to $405,000. Montreal Centre\u2019s aggregate home price rose by 14.3% year-over-year in Q2-2021 to $643,000, with the median price of a single-family detached home surging by 24.3% to $1,050,000, and the condos increasing by 9.3% to $500,500.<\/p>\n<p style=\"text-align: justify;\">While the rate of appreciation will remain high through 2021, Royal LePage believes prices have already peaked. One reason is, thanks to the spiking COVID-19 vaccination rate, Montrealers have resumed travelling and generally enjoying their summers. The report also stated that prospective first-time homebuyers appear to have taken a break in the hopes that competition won\u2019t be as ferocious in six to 12 months. Royal LePage forecasts that the aggregate price of a home in the region will increase by 17.5% year-over-year in Q4-2021.<\/p>\n<p style=\"text-align: justify;\"><strong>Greater Vancouver Area<\/strong><\/p>\n<p style=\"text-align: justify;\">The aggregate price of a home in Canada\u2019s most expensive metropolitan area rose by 19.6% year-over-year to $1,202,500 in the second quarter of 2021, with single-family detached homes rising by 24.9% to $1,625,000 and condos rising by 9.4% to $700,000. In the City of Vancouver, the aggregate price of a home increased by 11.5% to $1,305,000, with single-family detached homes going up by 14.6% to $2,350,000 and condos climbing by 4.4% to $774,000.<\/p>\n<p style=\"text-align: justify;\">In the metro region, inventory appears to be increasing and demand moderating, although that is likely a confluence of buyer fatigue and people enjoying their summers. Nevertheless, it remains a seller\u2019s market, the report noted, with fierce competition among buyers. Demand is especially strong in the single-family detached market, where move-up buyers are desperately trying to climb the housing ladder.<\/p>\n<p style=\"text-align: justify;\">Royal LePage forecasts that the aggregate price of a home in the Greater Vancouver Area will rise by 15% year-over-year in Q4-2021.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/aggregate-canadian-home-price-rose-by-25-in-q2-334753.aspx\" target=\"_blank\" rel=\"noopener\">Aggregate Canadian Home Price Rose by 25% in Q2<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The aggregate price of a Canadian home will jump by 16% year-over-year in Q4-2021 amid voracious demand, according to Royal LePage\u2019s House Price Survey. The aggregate price of a home &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18234","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aggregate Canadian Home Price Up by 25.3% in Q2, will Jump By 16% Y\/Y in Q4 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/07\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Aggregate Canadian Home Price Up by 25.3% in Q2, will Jump By 16% Y\/Y in Q4 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The aggregate price of a Canadian home will jump by 16% year-over-year in Q4-2021 amid voracious demand, according to Royal LePage\u2019s House Price Survey. The aggregate price of a home &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Aggregate Canadian Home Price Up by 25.3% in Q2, will Jump By 16% Y\\\/Y in Q4\",\"datePublished\":\"2021-07-19T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/\"},\"wordCount\":579,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/07\\\/aggregate-canadian-home-price-up-by-25-3-in-q2-will-jump-by-16-y-y-in-q4\\\/\",\"name\":\"Aggregate Canadian Home Price Up by 25.3% in Q2, will Jump By 16% Y\\\/Y in Q4 &#8226; 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