RE/MAX is anticipating steady price growth across the Canadian real estate market in 2022, with inter-provincial migration continuing to be a key driver of housing activity in many regions, based on surveys of RE/MAX brokers and agents, as reflected in the 2022 Canadian Housing Market Outlook Report.
- Migration between provinces expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53% of RE/MAX brokers (20 out of 38)
- Forty-nine percent 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% and 16%, respectively, in 2022
- Ninety-five percent of regions (36 out of 38) surveyed are likely to remain seller’s markets in 2022
- The ongoing housing supply shortage is likely to continue, putting upward pressure on prices. As a result of these factors, RE/MAX Canada estimates a 9.2% increase in average residential sales prices across the country.
“Based on feedback from our brokers and agents, the inter-provincial relocation trend that we began to see in the summer of 2020 still remains very strong and is expected to continue into 2022,” said Christopher Alexander, president, RE/MAX Canada, for the report. “Less-dense cities and neighborhoods offer buyers the prospect of greater affordability, along with livability factors such as more space. In order for these regions to retain these appealing qualities and their relative market balance, housing supply needs to be added. Without more homes and in the face of rising demand, there’s potential for conditions in these regions to shift further.”
Despite the global pandemic, many Canadians still feel confident in the real estate market. According to a Leger survey conducted on behalf of RE/MAX Canada, 49% of respondents believe Canadian real estate will remain one of their best investment options in 2022 (59% of homeowners vs. 34% non-homeowners which included renters, those not looking buy, and those currently looking to purchase). Additionally, 49% of respondents are confident the Canadian real estate market will remain steady next year.
“Canadians recognize the value and investment potential in their homes. However, market challenges such as rising prices and limited supply have impacted local markets from coast-to-coast, causing angst this past year among those looking to get into the market and those hoping to move up in it,” said Elton Ash, executive vice president, RE/MAX Canada, in the report. “Despite this, it’s encouraging to see that many are feeling confident in the housing market in 2022 and view Canadian real estate as a solid investment.”
For more information, please visit www.remax.ca.