Canadian Real Estate Prices Expected to Rise 9.2% in 2022 — RISMedia

RE / MAX expects steady price growth in the Canadian real estate market in 2022, with migration between provinces remaining a major driver of the housing industry in many regions, based on surveys of RE / MAX brokers and agents as shown in the report on the outlook for the Canadian housing market in 2022.

Key findings:

• According to 53% of RE / MAX brokers (20 out of 38), inter-provincial migration is expected to continue in 2022 and may have an impact on local Canadian property conditions.
• 49 percent of Canadians believe the housing market will remain stable in 2022 and see real estate as one of the best investment opportunities over the next year
• Atlantic Canada is expected to have some of the highest prospects, with Moncton and Halifax forecasting average residential sales prices to rise 20% and 16% respectively in 2022
• Ninety-five percent of the regions examined (36 out of 38) are likely to remain sellers’ markets in 2022 as well
• The persistent housing shortage is likely to persist and put prices under pressure. As a result of these factors, RE / MAX Canada estimates a 9.2% increase in the average home sales prices across the country.

“Based on feedback from our brokers and agents, the trend towards inter-provincial relocation seen in the summer of 2020 is still very strong and is expected to continue through 2022,” said Christopher Alexander, President of RE / MAX Canada, for the report. “Cities and neighborhoods with lower density offer buyers the prospect of greater affordability, along with quality of life factors such as more space. In order for these regions to be able to retain these attractive qualities and their relative market equilibrium, the housing supply must be supplemented. Without more apartments and in view of the increasing demand, there is the potential that the conditions in these regions will shift further. “

Despite the global pandemic, many Canadians still feel confident in the real estate market. According to a Leger survey commissioned by RE / MAX Canada, 49% of respondents believe Canadian real estate will remain one of their best investment options in 2022 (59% of homeowners versus 34% of non-owners, including tenants who are not prospective buyers and Prospective buyers). In addition, 49% of respondents are confident that the Canadian real estate market will remain stable over the next year.

“Canadians recognize the value and investment potential of their homes. However, market challenges such as rising prices and limited supply have impacted local markets from coast to coast creating fears for those looking to enter and hope to move up over the past year, “said Elton Ash, Executive Vice President, RE / MAX Canada, in the report. “Still, it is encouraging to see that many in the housing market in 2022 are optimistic and viewing Canadian real estate as a solid investment.”

More information is available at www.remax.ca.