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Housing prices across Canada are set to keep rising throughout 2022, a new report suggests, with not even the prospect of higher interest rates expected to slow the trend. Royal LePage’s latest House Price Survey found the average price for a home in Canada increased 17.1 per cent year-over-year in the fourth quarter of 2021, hitting $779,000. In a majority of housing markets, prices increased by three per cent or more compared to the third quarter of last year, a trend the real estate firm says is not typical for a fourth quarter. “We finished 2021 on an unusually strong note,” said Royal LePage president and CEO Phil Soper. “The winter has been an extremely active one … and we expect that to continue into the spring.” Many of the biggest price increases were seen across much of Ontario — primarily in the Greater Toronto Area — and most major cities in British Columbia, according to the report. Calgary, Edmonton, Saskatoon and St. John’s, N.L., were among the only markets to see a single-digit increase between 2020 and 2021. This year’s increase was also driven far more by detached, single family homes — whose average price grew by 21.1 per cent compared to the end of 2020 — than condominiums, which climbed by 15.8 per cent.

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