{"id":903,"date":"2022-01-17T19:57:00","date_gmt":"2022-01-17T19:57:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=903"},"modified":"2023-09-25T22:56:17","modified_gmt":"2023-09-25T22:56:17","slug":"average-canadian-home-price-went-up-16-5k-in-december-2021","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/average-canadian-home-price-went-up-16-5k-in-december-2021\/","title":{"rendered":"Average Canadian Home Price Went Up $16.5K+ in December 2021"},"content":{"rendered":"
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Having median price gains in excess of $15,000 dollars for homes across the country would be an incredulous possibility to consider for most countries, but here in Canada there is a unique multi-way equation that is pushing up home prices unlike anywhere else on the planet and the stories of housing unaffordability in Canada are as real as they could ever be. Price gains are welcome news for homeowners and realtors working with them, but even these people know there\u2019s a threshold for what can be considered beneficial without being too harmful to citizens of the country as a whole.<\/p>\r\n\r\n\r\n\r\n

This is exactly the reality that\u2019s occurring in Canada. We spent much of last year using this same communication channel to talk about how without addressing the supply \/ demand gulf all these sort-of measure to attempt to cool the Canadian real estate market are going to go nowhere, and that\u2019s as true as ever based on data recently released that talks about how \u2013 based most on demand vastly outpacing supply for decades \u2013 the average price of a home in Canada went up $16, 700 in December 2021.<\/p>\r\n\r\n\r\n\r\n

Further, prices overall are now showing the fastest annual growth ever, and economists and industry experts are pretty much all in agreement that this trend isn\u2019t likely to be slowing down anytime in 2022 or the foreseeable future either. This is uncharted territory for realtors working in the industry in many ways, but one thing this always does is remove buyers that would otherwise be qualified from the market. If that make the business tough for new realtors then our online real estate lead generation service<\/p>\r\n\r\n\r\n\r\n

Fastest All-Time Rise of Composite Benchmark Price<\/strong><\/h3>\r\n\r\n\r\n\r\n

And that rather surprising number is not all – the composite benchmark price reached $798,200 in December, and if you compare it to the one for last year (2021) at the same time we are seeing prices now 26.6% higher. In a number value that\u2019s around $167K more on average for a home.<\/p>\r\n\r\n\r\n\r\n

Further the annual rate of growth for a benchmark home across Canada is now at an all-time high too. It went to 26.6% in December, that is a 1.3 point jump from the month before. It is also interesting to note that this all-time record pace of growth came after the Liberals\u2019 vanity election in September and was primarily a function of Q4. Who knows what is to be read into that but the government\u2019s semi-measures to reign in housing prices are what they are.<\/p>\r\n\r\n\r\n\r\n

More short-term growth is expected too, according to analysts who benchmark growth rates with short periods of data. Let\u2019s do that ourselves with the same 3-month annualized period that the Bank of Canada would have used for Q4 2021 and highlighting the most notable points.<\/p>\r\n\r\n\r\n\r\n