Market Thoughts

2022 REAL ESTATE MARKET

Outlook for the year ahead

Confidence continues in the Canadian real estate market, with the inter-provincial relocation trend likely to remain strong in 2022

RE/MAX Canada expects average residential prices to rise by 9.2% in 2022

Migration between provinces is expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53% of RE/MAX brokers (20 out of 38)

49% of Canadians believe the housing market will remain steady in 2022 and view real estate as one of the best investment options over the next year

Some of the highest outlooks are anticipated for Atlantic Canada, with Moncton and Halifax projecting average residential sales prices to increase by 20% & 16% respectively in 2022

97% of regions (37 out of 38) surveyed are likely to remain Seller’s markets in 2022

According to the RE/MAX broker network in Ontario, market activity across the province is anticipated to remain steady in 2022, with continued average price growth, although at widely varying degrees.

RE/MAX brokers anticipate average sale price increases in smaller markets as,

North Bay 4%
Sudbury 5%
Thunder Bay 10%
Collingwood/Georgian Bay 10%, and
Muskoka 20%

In larger markets within the province, there’s a possibility that more immigration could weigh on supply levels and prices as,

Ottawa 5%
Durham 7%
Brampton 8%
Toronto 10%
Mississauga 14%

When it comes to price appreciation year-over-year, there are a few regions that stood out in 2021 for their exponential increases across all property types, including,

Brampton, which rose from $869,107 in 2020 to $1,085,417 in 2021 by 25%
Durham from $706,818 in 2020 to $914,48 in 2021 by 29%
London from $487,500 in 2020 to $633,700 in 2021 by 30%
Toronto experienced a modest $986,085 to $1,054,922 a 7% increase

Additional findings from the 2022 RE/MAX Canada Housing Market Outlook Report,

• 2 in 5 Canadians (43%) trust their agent to advise them during the current real estate landscape
• 23% of Canadians now have a greater desire to build their own home or buy pre-construction
• 26% of Canadians have the desire to purchase a home while mortgage rates remain low
• 62% of Canadians currently own a home, higher among age 35+ at 70% vs Millennials age 18-34 at 42%