Posted by Jack Barker
According to the Canadian Real Estate Association the price of the average Canadian home has hit $816,720, its highest level on record, which is an increase of 20% compared to last year's level. However in Greater Victoria, the average cost for a single-family home is now over $1 million in all but three municipalities.
Across the region as a whole, the benchmark price stood at $1.141 million in March 2022, up 30.4% from March 2021.
But what is driving these rising prices?