Earlier this year, the Canada Mortgage and Housing Corporation made a now-infamous prediction that home prices would fall by up to 18% over the course of 2020 and into 2021. 

Instead, prices have since risen by approximately 22% to $603,000, as of November. 

That discrepancy illustrates how difficult forecasting the housing market has become due to the economic uncertainty created by the pandemic.

For instance, factors suggesting a strong economic recovery in 2021 include promising developments on the vaccine front, sizeable spending by the federal government to support and stimulate the economy, pent-up consumer demand and historically low interest rates. 

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