REMAX Canada states that Toronto real estate market might witness a 10% increase in prices this year:
Because of a lack of housing stock and high demand, we expect the Toronto housing market to remain in a seller’s market until at least 2022. The region’s demand is being driven by circulating buyers and renters. This circulation reflects single-family homes experiencing the greatest price appreciation last year, rising from $1,477,519 in 2020 to $1,710,304 in 2021 (+15.8 percent).
The condo market was also experiencing the greatest level of activity across all property types in the fall of 2021, and it is expected to continue to do so in 2022. Increased employment and income levels, which are both expected to continue to climb in the wake of COVID-19, will continue to be important factors in the expansion of the real estate market in the future.
The trend of inter-provincial travel occurred will continue until 2022 based on World Health Organization statements. In this regard, market forecasts show that the persistent home supply deficit will continue to exert upward pressure on house prices. The average price of a home in entire Canada is anticipated to rise.
Click to read the full article：2022 Toronto Real Estate Predictions Recap
