In an analysis released in January, RBC Bank presented its Canadian housing market forecasts for 2021 and 2022.
  • Following growth of 8.5 per cent in 2020, the aggregate benchmark price in Canada is expected to increase by 8.4 per cent in 2021, while a more modest increase of 3.9 per cent is expected for the year 2022.
  • RBC forecasts benchmark price growth of 9 per cent in Quebec in 2021. The increases will be greater in smaller markets than in large urban centres.
  • As in 2020, weak supply will be responsible for price increases and sellers will maintain their advantage in most markets.
  • Property resales in Canada will reach 588,300 units in 2021, a new record. For 2022, the RBC forecasts a lower level of 507,000 transactions.
  • The shortage of supply, a slight increase in interest rates, deteriorating housing affordability and a decline in immigration are all factors that will limit sales growth in the Canadian real estate market over the next two years.
Click here to read the RBC article.
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