The national average house price is expected to increase by 9.1 per cent — to $620,400 — in 2021, the Canadian Real Estate Association (CREA) said today.

Shortages of supply, particularly in Ontario and Quebec, are expected to result in strong price growth, while Alberta and Saskatchewan are anticipated to see average prices pick up following several years of depreciation, the group said.

“Current trends and the outlook for housing market fundamentals suggest activity will remain relatively healthy through 2021, with prices either continuing to climb or remaining steady in all regions,” CREA said in a news release.