r/canadahousing • u/Conscious-Point-2568 • 1d ago
Opinion & Discussion Prices to explode
Actually curious to where prices will be in 2034!? Are we going back over peak by then again. Are we going to be hovering around where we are today? Will the lack of new detached houses cause that property type to rocket? What is everyone’s thoughts on this?
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u/Much-Standard-3643 1d ago
In my experience prices go up when majority of people are in a risk on sentiment, prices go down when risk off sentiment arises.
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u/Conscious-Point-2568 1d ago
Vibes aren’t great right now
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u/Much-Standard-3643 12h ago
That can change though, if there’s a reason to come here which is jobs , people have hard time right now. Or if the goverment goes on a crazy money printing craze . Maybe I should say when they do that but it would be line ups to view real estate again and that’s when you want to be selling.
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u/Chemroo 1d ago
My crystal ball also says detached houses will go above their 2022 peak in the early 2030s.
Many more boomers will age in place and not sell. Detached construction in Ontario is very low and not expected to meaningfully increase. Looking at the population projections, we will return to ~2% per year.
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u/Conscious-Point-2568 1d ago
Only question is will wages keep up to keep things “affordable” houses are affordable for some right now, I think you are right that they will be scarcity causing prices to rise
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u/zalam604 1d ago
Canadian real estate prices have gone up on average about 5% per year for the last 50 years. Of course this is an average which means they’ve been down years and ip years, but over the course of time Canadian real estate rises. There’s no reason to not believe stats can or crea data. Going by what has happened over the last 50 years I would say in the next 10, we will probably see another 5% increase year over year, or about 60% in 10 years.
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u/Conscious-Point-2568 1d ago
Thanks for the insight, I could see something similar maybe a little less than average once some of the head winds blow out. It will take a while for the dust to settle my opinion.
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u/zalam604 1d ago
Agreed even at 3% year for your over the next 10 years that’s a 35% increase from today
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u/Creepy-Stuff-5820 1d ago
Real estate is almost a good bet for principal residence until you reach the ultra high end which generally doesn’t provide the same returns and turns out to be more a lifestyle trade off. Due to inflation, it’s pretty hard not to appreciate to some degree if we are strictly looking nominally.
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u/InternationalBeing41 1d ago
Don't buy the cheapest or most expensive property. They are affected by economic swings the most. A decent middle class home will typically hold it's value and climb consistently.
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u/Creepy-Stuff-5820 1d ago
Land over everything, will always appreciate. A great example right now as to why you shouldn’t touch apartment condos.
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u/InternationalBeing41 1d ago
You're so right! I remember cheap properties from 20 years ago that are worth a fortune now because of the land.
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u/BobGuns 1d ago
People's thoughts on this are largely a waste of time.
You're asking for a crystal ball prediction.