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Over the past 12 months, the Toronto real estate market has made it difficult for millennials to buy homes on their own. But most experts predict that house prices will continue to rise this year.
According to the Royal LePage market survey, Canadian house prices are expected to rise strongly again in 2022, but the growth rate will slow compared with 2021.
In the greater Toronto area, total home prices are expected to rise 11% year-on-year to C $1256500 in the fourth quarter of 2022.
By the end of 2022, the median price of detached houses is expected to rise 10 per cent to C $1564200, while the median price of apartments is expected to rise 12 per cent to C $763800. This wave of forecasts also saw the increase in apartment prices finally turn around, surpassing that of independent houses!
Meanwhile, Missouri will see the biggest increase in the Toronto area, at 14 per cent, while Toronto is expected to rise by 10 per cent.
York, which has a large number of Chinese, rose by the same rate as Toronto in 2022, with prices rising by 10 per cent and the number of transactions expected to grow by 4 per cent.
So when should buyers start looking for housing again? Some experts say the market will remain hot at the beginning of the year because there are simply not enough properties for sale to meet the needs of buyers.
Lauren Haw, chief executive of Zoocasa, said: “Housing supply will be a key indicator of the new year-especially knowing that we are likely to have hotter January and February than usual, as buyers want to lock in lending rates to buy properties before raising interest rates in the New year.”
Some experts say the market will cool down in the summer.
“House prices will slow in July, especially in August,” said the Nasma Ali founder, “because then the last people who want to move because of the COVID-19 epidemic will close the deal.”
However, no one has a predicted crystal ball, and it is hard to know exactly what will happen in 2022. “historically, there are many factors that will affect the real estate market in 2022, which will make buyers eager to enter the market,” Haw said.
“many people are trying to borrow before raising interest rates, to buy homes in response to possible Omicron outbreaks and epidemic prevention policies, or to gain a foothold in markets where supply is very low.”
Despite all the talk about rising house prices in Toronto, in fact, one statistic shows that Toronto is the slowest growing housing market in Ontario, and the city’s real estate market is growing much faster than small towns.
This is a surprising conclusion, given that runaway house prices in big cities continue to make headlines.
