What can homeowners and homebuyers expect in 2022?🧐🏠

According to most forecasts, home prices are likely to continue to rise throughout the year, albeit at a more moderate pace compared to 2021. Home sales, meanwhile, are likely to pull back from last year’s record levels.

“While price growth is not expected to be as extreme in 2022, many of the conditions that supported it right up until the end of 2021 will still be there on New Year’s Day,” the Canadian Real Estate Association (CREA) told us in its year-end housing forecast for 2022.

While CREA suggests activity could calm down briefly early in the year, it added that this year’s spring market “will no doubt be an interesting one.”

Demand remains strong from an “unobservable but no doubt large number of households waiting for new listings to show up,” according to CREA. But anticipated interest rate hikes later in 2022 could start to deter new homebuyers looking to enter the market.

Here’s a look at some of the key economic and housing forecasts for 2022:

Average home prices: +7.6% (CREA)
Home sales: -8.6% (CREA)
Inflation: 3.4% in 2022 and 2.3% in 2023 (Bank of Canada)
GDP: 4.3% in 2022 and 3.7% in 2023 (Bank of Canada)

If you’re looking to purchase or sell this year, I’d be happy to discuss how this outlook might impact your plans and what options are available for you.

DM me today, so we could start working on your plan tomorrow!

Galina Mironova
Associate | REALTOR
LOCAL Real Estate

780.504.4470 | galina@soldlocal.ca

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