So you think the Vancouver and the Toronto Real Estate market is overpriced now? What if homes got a lot more expensive? Just Imagine, in 10 years time if you wanted to purchase a single family home in the Vancouver Real Estate Market it would cost you almost $5 million dollars! Based on an article posted by the Huffington Post, they predicted that with the current trend and how crazy and over driven the real estate market is in Canada, that the Canadian Real Estate industry will get ridiculously overpriced 10 years from today. Purchasing a single family home today in the Vancouver Real Estate industry costs roughly $950,000, however, in 2026 they predict it will cost between $2,800,000 to $5,100,000. In the Toronto real estate industry to purchase a home today it costs around $750,000 however by 2026 it will cost between $2,260,000 to $3,582,000! Huffington Post predicted this growth by comparing how much the Canadian Real Estate industry has grown in the past three to five years and by using linear and percentage growth. The predictions by the Huffington Post are insane don’t you think? I see the pricing going in two directions; either they increase by 10 to 15 percent or pricing will drop by 10 to 15 percent. However, I personally don’t see the Canadian real estate market getting to these ridiculous figures by 2026 (at least I hope not!). If they do get to that point then the median income of the average person would need to increase substantially
Here’s a breakdown by the Huffington Post; have a look at what the average home pricing may look like in the six major cities in Canada 10 years from today.
Average House Price: $327,000 to $336,000