8 elm st, toronto, ontario, m5g 1g7.The trend of house prices in Canada in 2022? Canadian house prices are expected to rise 10.5% in 2022, with the biggest increases in Toronto, Vancouver and Halifax.Please Visit: 8 elm st, toronto, ontario, m5g 1g7 to Get Your VVIP Registration Today!
House prices in the country will continue to rise next year after a record 21.4 per cent rise this year, according to a new report released by Royal LePage on Wednesday.
Phil Soper, president and chief executive of Royal Real Estate, said in a statement that while he did want to see the rise in house prices ease from the unhealthy levels of the past 18 months, and some believe that current prices are overvalued, the signal is that demand levels will continue to exceed inventories, keeping prices on a sharply rising track.
The 2022 royal real estate market survey released on Wednesday predicts that the national composite housing price (Aggregate Price) will rise 10.5% to 859700 yuan by the end of next year. The comprehensive house price refers to the “median weighted average” of detached houses and apartments in a given area. Royal LePage also forecasts that the median price of detached houses in Canada will rise 11 per cent to 918000 yuan in 2022, while apartment prices are expected to rise 8 per cent to 594000 yuan.
Su Bo said that in a low-supply market, house prices soared because eager buyers were unable to “get on the bus” in 2021, increased immigration, low interest rates and continued telecommuting, because the new variant of COVID-19 affected Canada’s restart plans. and with fewer travel and entertainment options, people can save more money.
“all these economic variables have been shown to stimulate property market activity,” he explained. Many people who want to buy a house, whether it is buying a house for the first time, upgrading a house or buying leisure property, can take advantage of increased savings and record low interest rates. ”
The Royal Real Estate report expects Toronto and Vancouver to have the biggest increases, with composite home prices rising 11 per cent and 10.5 per cent, respectively. It was closely followed by Halifax, which is expected to rise by 10%. Royal LePage says this is driven by demand from outside the province, mainly from Ontario.
Edmonton in Asia is expected to have the smallest increase of 5 per cent, followed by Calgary, Regina and Winnipeg, with 6 per cent respectively.
In Canada, comprehensive home price forecasts show that prices are highest in the Greater Vancouver area ($1375700), Greater Toronto ($1256500) and Ottawa ($806600), while the lowest are in Winnipeg ($372100), Regina ($376300) and Edmonton ($429,000).
The report also shows that demand for apartments in cities such as Montreal and Toronto will pick up in 2022 after a downturn during the outbreak.
