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North America’s Biggest Housing-Bubble Risk Defies a Pandemic
- Toronto prices surge 11%; national prices to rise 7% this year
- Market ‘seems to be dividing in two,’ says housing economist
Toronto, Canada.
Photographer: James MacDonald/Bloomberg
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Even a once-in-a-century pandemic isn’t enough to cool the Canadian housing market, with prices nationwide now forecast to end the year higher than where they started.
The median home price in Canada is expected to reach C$693,000 ($527,000) by the end of the year, a 7% increase from the end of 2019, according to a projection from brokerage Royal LePage. The market continues to show strength across the country, with 97% of regions reporting higher home prices in the past three months, the company said.