RE/MAX is expecting a continued increase in the prices of the Canadian real estate market in 2022.
According to its 2022 Canadian Housing Market Outlook Report, migration between the provinces is expected to affect local real estate conditions and average prices across the country might increase by 9.2%.
Highlights of 2022 Canadian Housing Market Outlook Report:
British Columbia:
Places like Victoria, Nanaimo, Kelowna can expect an increase of 8%, 5%, and 9% respectively with a notably increased demand for single-family detached homes due to people searching for large properties.
House prices in Vancouver/Greater Vancouver are expected to increase by 5.5% due to migration and interest from international buyers with house prices reaching an average of $1.294 million.
Prairies:
RBC has put Alberta’s economic growth prediction at 5.9% for 2022, the highest in the country. This coupled with inter-provincial migration from Ontario and British Columbia is expected to increase growth in-home prices by 2.5% in Calgary and 7% in Edmonton leading to an average home price of $506,685.18 in Calgary and 404,297.36 in Edmonton.
RE/MAX says an influx of buyers in search of larger properties and greater affordability will push prices up in Regina by 3.5% causing the average home price to increase to $334,305.00.
As per the report, though Winnipeg is expected to remain a buyers’ market in 2022, prices are still expected to increase by 3.5% with the average home price to 322,858.94.
RE/MAX
Ontario:
In 2021, the home prices in Barrie increased by approximately 50% largely due to migration. In 2022, RE/MAX anticipates an increase of 15% in Barrie’s residential prices.
Muskoka region might see another increase by 20% causing the average home prices to touch $749,356.80.
According to the RE/MAX brokers, average price growth will continue across Ontario with prices increasing by 5% in Ottawa, 7% in Durham, 8% in Brampton, 10% in Toronto and 14% in Mississauga.
RE/MAX
Atlantic Canada
RE/MAX says average sale prices will continue to increase between five to 20 percent in 2022 across the four provinces with Halifax and Moncton prices to increase by 16, and 20 per cent respectively but Charlottetown and Southern Nova Scotia may return more to a balanced state in 2022.
A detailed report is given here.