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. 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. TORONTO, ON, Decem– Following more than a year of record price appreciation across the country, Canadian home values are expected to rise strongly again in 2022, however at a slower pace compared to 2021. Housing markets are expected to be unusually active through the winter season.Detached home prices in Halifax expected to rise 10.5%, followed by the Greater Montreal Area and Ottawa (9.0%).Greater regions of Toronto and Vancouver forecast to see highest aggregate price appreciation at 11.0% and 10.5%, respectively.The GTA is the only region where condominium price appreciation is forecast to outpace that of detached homes prices expected to rise 12.0% year-over-year in 2022.
Omicron variant emergence may extend period of unusually strong real estate markets Royal LePage: Canada’s national aggregate home price forecast to rise 10.5% by the end of 2022