Experts are talking about new data detailing trending models for Canadian Real Estate & analysis and arm chair quarterbacks have been rubbing their crystal ball to come up with some hard to predict predictions for 2022 and the Canada Real Estate Market.
There is talk of average home prices increasing by 5.6 percent in 2022, not sure how this is going to favor new home buyers, first time buyers and those who live in rural areas and need to move more urban. The data shows that home sales likely hit a peak in 2021 at approximately 656,000 trades which is astronomical and shows how quickly inventory has been trading hands on the open market.
The same data shows that total sales will drop in 2022, due to shortages of inventory & the constantly rising cost of homeownership. The harder it is for people to afford steak and eggs, the harder it’s going to be for them to have a kitchen to cook them in. Everything is co-related in an economy.
Talk of bubbles bursting and inventory issues in the Canadian new and resale markets, can seem confusing and conflicting when you see all the new consturction and the inventory that is out there. There have been reports that in large metorpolian areas in Canada the average home owner owns more than 3 properties. Our markets are more globalized than ever before and our investment into real estate is more diverse than ever before.
With legit fears of instability in China, the world’s second-largest market, and the irrational fiscal management during covid 2020 and 2021, and likely 2022 and add in the inflation that was told doesnt exist, no one really knows whats going to happen next.
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