Key highlights from the national release include:
- Canadian home prices forecast to end the year 16% higher than 2020.
- Aggregate price of a home in Canada rose 25.3% year-over-year in the second quarter.
- Demand expected to outstrip supply with upward pressure on prices, yet the pace of increases should moderate as peak price appreciation was reached in early Q2.
- Greater Montreal’s aggregate home price forecast to increase 17.5% year-over-year; the highest in Canada among forecasted regions.
- Detached house prices continue to outpace condo appreciation, but the gap is narrowing.
- Post-pandemic policies needed to address chronic low inventory challenges.
- Proposed increase to municipal land transfer tax in the City of Toronto could further reduce housing supply.