Q3 2020 Royal LePage House Survey and Market Forecast
Pandemic-shift: spike in savings diverted into housing driving national median home prices up 8.6%, according to Royal LePage
Despite second wave worries, the median price of a home in Canada forecast to finish year 7.0% higher than year-end 2019
- Delayed spring market extends through Q3 as pent up demand fuels prices and sales
- 97% of regions surveyed post price appreciation in the third quarter despite the economic shock of COVID-19
- Ontario and Quebec real estate markets dominate the list of highest appreciating regions, with Windsor in the top spot at 17.0%
TORONTO, October 14, 2020 –According to the Royal LePage House Price Survey and Market Survey Forecast released today, the aggregate price of a home in Canada increased 8.6 percent year-over-year to $692,964 in the third quarter, as high demand and low inventory continued to fuel a seller’s market.
The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a standard two-storey home rose 10.0 percent year-over-year to $819,906, while the median price of a bungalow increased 7.0 percent to $570,701. The median price of a condominium increased by 5.3 percent year-over-year to $510,365. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company.
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