NEW YEAR ! - Real Estate Talk for 2022

Dated: January 1 2022

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Now that we say goodbye to 2021, it's a perfect time to reflect on the past and look forward to a great year in 2022!

2021 Year in Review:

There was an increase in prices that rose higher by 20% higher from 2020 to 2021. The shift in the market brought an imbalance of supply and demand. The impact of Covid-19 has impacted many Canadians to continue to have strong migration patterns. Desiring more space or affordable living was a main focus for the year.

2021 brought in Canadians considering the return on investment that a home renovation could have. Many residents said rising home prices did not impact their purchasing decisions and there was still a desire to purchase a home while mortgage rates remain low. 

Looking forward to 2022:

With the pandemic still having an impact on the real estate market, there are still some key trends that will be apparent for the new year.

2022 will still see a lot of relocation whether being inter-city, province or country. Less-dense cities and neighbourhoods offer buyers greater affordability along with more space. This will potentially affect local market conditions as we see a shift if supply does not balance out demand. 

Canadians still feel confident about real estate going into the new year. Real estate investments are going to still be one of their best investment options in 2022. They recognize the value and investment potential in their homes. 

Market activity is anticipated to remain steady in the coming year with continued average price growth. Smaller markets could see continuing average price growth in wide varying degrees. Larger markets may also see an increase in immigration that could weigh on supply levels and prices. 

The urgency to purchase a home base to ride out the pandemic continues to fade. Sales to remain historically strong in 2022 while slowly trending back to more typical levels

Future Trends:

Some other 2022 national trends would be an increase in the desire for eco-friendly homes, building their own or buying pre-construction. Canadians believe that the housing market will remain steady in 2022.

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Daniel Passero

A Niagara native and a seasoned real estate professional, Daniel recognizes and values the trust of his clients. His passion for real estate and construction propels him to exceed client expectations ....

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