If your Millennial or Gen Z dreams of homeownership are on life support, a new report from the Canadian Real Estate Association is sure to provide the coup de grâce.
The CREA expects the average price of a home in Quebec to climb over 16% this year, bringing it to $439,396 in 2021.
Meanwhile, the average price of a home in Canada is forecast to reach $665,329, which is 16.5% more than last year.
More modest increases are expected in 2022 when the average price for a home in Quebec and Canada will reach $462,685 and $679,341, respectively.
The reason is “the current unprecedented imbalance of supply and demand,” states the report. “Conditions are now favouring sellers to some extent in virtually all local markets.”