Canadian home prices exploded +30% between 2020 and 2022.
“Nothing Short of Stunning”
Prices for a typical Canadian home have surged +30% between 2020 and 2022. The result? Homes in Canada now cost twice as much as in the US for a comparable house. Economist Robert Hogue, writing a report for the Royal Bank of Canada, called this +30% home price increase “nothing short of stunning.”
As of February 2022, the average Canadian home price was 816,720 Canadian dollars or US$646,809. Fortune indicated this average Canadian home price of $816,720 in Canadian dollars was nine times the average annual household income in Canada.
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Canada’s Housing Market “Sort of” Mirrors US Housing Market
While home price increases in both Canada and the US over the last two years are “nothing short of stunning,” home price increases in the US are a bit less stunning. Home prices in the US have increased “just” 27% on average since 2020 with the average home price coming in at $375,000 in March 2022.
What the two housing markets share are extreme housing shortages, skyrocketing interest rates, increased home prices and scant wage increases. The two housing markets also share the pandemic reshuffling of people’s housing preferences as homes became “people’s workplaces, children’s schools, and (the center of) entertainment,” according to Phil Soper, president of Canadian real estate brokerage Royal LePage.
Both housing markets also share imbalanced supply and demand equations with seemingly limitless demand from the two largest demographic groups: coming-of-homebuying-age Millennials who want houses “right now” and Boomers who are busy searching for homes in which to age-in-place. This double-whammy demand is juxtaposed against slowing new home construction due to supply chain delays and inflated prices.
Vancouver Real Estate “A Bit Crazy”
According to Johnny Chen, a Vancouver investment banker, even the highest earners in Canada are being squeezed by Canada’s scant housing supply.
Chen told Fortune that he’s seeing homes worth more than $3M Canadian dollars that require substantial fixing and renovations. Chen said, “It’s hard to know how much the home will actually cost with inflation in labor and building materials, plus slow turnaround times for building permits. Vancouver’s real estate market is a bit crazy.”
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Thanks to Fortune and Inman.