Yonge City Square buzzbuzz.House prices in Toronto will rise by another 10% in 2022. Re/Max, a Canadian real estate agency, released its 2022 housing market forecast, saying that confidence in the Canadian real estate market continues.Please Visit: Yonge City Square buzzbuzz to Get Your VVIP Registration Today!
Prices in the Canadian real estate market are expected to rise steadily in 2022 and cross-provincial immigration will continue to be a key driver of housing activity in many regions.
The current shortage of housing supply is likely to persist, putting upward pressure on house prices. As a result of these factors, RE/MAX of Canada estimates that the national average selling price of housing will rise by 9.2%.
Average selling prices are expected to rise in smaller markets, such as North Bay (4 per cent), Sudbury (5 per cent), Thunder Bay (10 per cent), Collingwood/Georgian Bay (10 per cent) and Muskoka (20 per cent), where relocation trends remain strong.
At the same time, in Ontario’s larger markets, more new immigrants may put pressure on supply levels and prices, including Ottawa (5 per cent), Durham (7 per cent), Brampton (8 per cent), Toronto (10 per cent) and Missouri (14 per cent).
In the Chinese-populated York district, house prices will rise by 10% in 2022. The average house price in York will rise to $1403767 from $1276152 in 2021.
House prices in York also surpassed Toronto to become the highest in Ontario.
The report also mentions several areas where year-on-year increases in house prices are particularly prominent in 2021, including:
Brampton rose 25% from $869107 in 2020 to $1085417 in 2021.
Durham rose from $706818 in 2020 to $914,448 in 2021, an increase of 29%.
London rose 30 per cent from $487500 in 2020 to $633700 in 2021.
By contrast, Toronto is growing at an annual rate of only 7%, rising from $986085 in 2020 to $1054922 in 2021.
Christopher Alexander, president of RE/MAX Canada, said: “based on feedback from our brokers and agents, the trend of inter-provincial relocation that we began to see in the summer of 2020 is still very strong and is expected to continue until 2022.”
“cities and communities with lower population density provide greater affordability for home buyers, as well as livable factors such as more space. In order for these areas to maintain these attractive qualities and relative market balance, there is a need to increase the supply of housing. Without more housing, the situation in these areas is likely to change further in the face of growing demand. ”
The trend of cross-provincial relocation in 2022 is likely to remain strong, the report said. Fifty-three per cent of RE/MAX brokers (20 out of 38) said migration between provinces was expected to continue in 2022 and could affect real estate across Canada.
Forty-nine percent of Canadians believe that the real estate market will remain stable in 2022 and regard real estate as one of the best investment options for next year.
The outlook for Atlantic Canada is expected to be the most optimistic, with Moncton and Halifax forecasting average home sales prices rising 20 per cent and 16 per cent respectively in 2022.
95% of the region (36 of 38) is likely to remain a seller’s market by 2022.
On the other hand, the report also mentions the cheapest cities in Ontario.