What will Canadian house prices look like in ten years?

April 20th, 2016  |  Canadian Business

The past few years have proven little else if not that the Canadian housing market refuses to cool down. And while it isn’t absolutely out of control across the whole country, the disproportionate growth in Vancouver and Toronto begs the question: “just how bad could it get?”

According to the Huffington Post it could actually get pretty bad, with prices in the country’s hottest markets easily doubling their current record high levels. The Post, which used data from the last three years to project how the market may change over the next 10 years in Canada’s largest population centres.

Topping the list of course was Vancouver which could see prices for single-family homes reach anywhere from $2.8 million to $5.1 million if it grows at the pace it has been. In Toronto, things are a little less crazy but still no laughing matter with projected prices being between $2.26 million and $3.582 million. By contrast other cities Montreal, Ottawa, Edmonton, and Calgary look more reasonable.

Of course these projections are taken with a grain of salt as the housing market is impossible to predict and there’s nothing to guarantee that the market will continue to be as strong as it has. Still, these figures highlight just how nutty the market is right now.