Manitoba Daily

Friday, January 28, 2022

In 2022, the price of a property in Canada will increase report says

Key takeaways:

  • Housing prices in Canada are expected to grow steadily in 2022, according to a survey issued by Re/Max on Wednesday.
  • This year, Calgary and Edmonton in Western Canada became seller’s markets, a trend that is anticipated to continue into 2022. 

According to Re/Max’s housing market outlook study released Wednesday, housing prices in Canada are likely to rise steadily in 2022, with inter-provincial migration continuing in many locations and a shortage of properties in some places pushing up costs.

According to the real-estate firm, sale prices are expected to rise 9.2 percent on average across the country next year. According to Re/Max’s president would follow a “sensational” year in sales and price appreciation.

“I don’t know of more than 95 percent of markets being in seller’s market territory in the history of our country, certainly not in my tenure,” he told CTVNews.ca in a phone interview. “As a result, the strength of the market in Canada in 2021 cannot be emphasized.”

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According to Alexander, this momentum will likely continue throughout next year, with 36 of 38 areas across the country expected to maintain their seller’s status.

Inter-provincial migration is another trend he expects to continue as investors seek more cheap locations to set up operations. Because of their capacity to work from home during the COVID-19 epidemic, some homebuyers have been able to purchase in various places.

“People have been able to set up in ways that were not conceivable before the outbreak because of remote work,” Alexander added. “We’ve heard of some folks who have relocated to another province yet continue to work in the one they left.”

According to the survey, a lack of supply in areas with strong demand owing to migration is a major factor driving up real estate prices.

Although prices appear to be on the rise, making home ownership more expensive for Canadians, the report claims that roughly half of Canadians still regard buying a home as a wise investment option for the coming year.

The real-estate market, Alexander remarked, “doesn’t make me concerned at all.” “We polled a large number of consumers, and more than half believe the market will stay robust next year.”

Apart from highlighting industry trends, the report also breaks things down by region in Canada, providing predictions and estimates for the following year in many categories.

Home prices will rise in 2022, report says

This year, Calgary and Edmonton in Western Canada became seller’s markets, a trend that is anticipated to continue into 2022. According to the research, this is due to increased demand from homebuyers migrating from Ontario and British Columbia, while supply remained low.

Cities in British Columbia, such as Victoria, Nanaimo, and Kelowna, and Regina, Saskatchewan, have reportedly seen an increase in arriving purchasers looking for more affordable housing.

According to the survey, Winnipeg is an exception and will likely remain a buyer’s market next year, owing to greater remote working alternatives in the area.

On average, brokers in Ontario expect sustained market activity and price rise in 2022. This year, several regions saw crazy price increases across all property types, including Brampton (25%), Durham (29%), and London (30%), while Toronto only saw a 7% gain.

According to the research, all regions in Atlantic Canada are currently seller’s markets, with sale prices expected to grow between 5% and 20% next year.

Out-of-province purchasers from Ontario are reportedly flocking to places like Moncton, Fredericton, Halifax, Charlottetown, and St. John’s, searching for more affordable housing.

While certain areas, such as Charlottetown, are expected to cool, sales prices in Halifax and Moncton are expected to rise by 16 and 20 percent, respectively.

Source: CTV News

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