The ongoing housing supply shortage is likely to continue in 2022, pushing housing prices in York Region up another 10 per cent to $1.4 million.
That’s slightly higher than the Canadian average increase of 9.2 per cent, according to Re/Max’s 2022 Canadian Housing Market Outlook Report.
The average residential sales price in York Region in 2020 was nearly $1.07 million. A year later, the average price hit nearly $1.28 million for a year-over-year increase of 20 per cent.
A total of 14,386 homes changed hands between January 1 and October 31, 2020. That number increased to 19,751 in the same time period in 2021 – a year-over-year increase of 37 per cent. Re/Max expects the number of sales here will increase four per cent in 2022.
The inter-provincial relocation trend that emerged in summer 2020, meanwhile, remains very strong and is expected to continue into 2022.
“Less-dense cities and neighbourhoods offer buyers the prospect of greater affordability, along with liveability factors such as more space,” says Re/Max Canada President Christopher Alexander. “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.”
Canadians remain confident in the housing market: 49 per cent believe it will remain steady in 2022 and view real estate as one of the best investment options over the next year. Ninety-five per cent of regions surveyed are likely to remain seller’s markets in 2022.
Also, according to the report, 23 per cent of Canadians now have a greater desire to build their own home or buy pre-construction; 26 per cent want to purchase a home while mortgage rates remain low; 62 per cent currently own a home and 72 per cent didn’t buy or sell a home in the past year.