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The Canadian housing market just reached a record high

The Canadian housing market just reached a record high
/ C.J. Burton / The Image Bank / Getty Images

Canada’s home prices just reached a record high last January and we’re honestly not too sure how to feel about it…

With real-estate continuously growing in Canada, it seems like a never-ending pattern of price increases that is making first home buyers stay far away from the housing market entirely.

According to a national statistics report made by The Canadian Real Estate Association (CREA), Canada’s average home price is up 21% year-over-year, hitting a new record of $748,450.

Ontario came in first for highest price growth (rising more than 30%), and British Columbia came in second with a price growth of 28%.

According to The DailyHive, “The number of sales crawled upwards by just 1% month-over-month in January, with the report noting that market activity has been “generally stable” for the past four months. Even still, last month now holds the second-highest sales record for January ever, coming just behind the buying frenzy that was seen in January 2021.”

For property owners and new homebuyers, how does this new information affect you?

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