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Home Price Forecast in 2022
Royal LePage : CANADA's national aggregate home price forecast to rise 10.5% by the end of 2022.
Following more than a year of record price appreciation across the country, Canadian home values are expected to rise atrongly again in 2022, however at a slower pace compared to 2021.
Pent-up demand from buyers who were unable to transact in 2021, coupled with the growing need for shelter from new household formation and newcomers to Canada, will continue to put upward price pressure on a market suffering from a chronic supply shortage.
According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to rise 10.5 per cent year-over-year to $ 859,700 in 2022, with the median price of a single family detached property and condominium projected to increase 11.0 per cent and 8.0 per cent to $ 918,000 and $ 594, 000, respectively.
Demand of condos has picked up significantly in recent months, especially in major cities like Toronto and Montreal, said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd.
The price appreciation gap between condominiums and detached properties is narrowing. This trend will continue in 2022, as entry-level buyers are priced out of more expensive property segments, and the revival of the downtown core continues.
Young professional and those seeking a vibrant entertainment scene generally gravitate to the city lifestyle.