December 2021 Real Estate Newsletter
Monday Dec 13th, 2021
Are you ready for the Holidays? I have been looking forward to this month all year. December is a busy time for most of us with Christmas shopping, Vacations and Family get togethers. This typically slows the real estate market down for the month. November sales saw a major decrease however prices continued to rise. As I have recently had the opportunity to travel to the States myself, I would assume several Canadians were vacationing last month and we will likely see this trend continue for December. Looking forward to seeing what 2022 brings
The RE/MAX 2022 Market Canadian Housing Market Outlook
According to RE/MAX Canada, residential home prices in Canada are expected to rise 9.2% in 2022. One of the factors for this growth is the overall housing shortage and immigration. Many areas of Ontario have seen price increases well over 20%. Barrie for example had an average sale price of $502,000 in 2020. For 2021 (Jan -Oct) so far, the average sale price is $770,000 – an increase of 53%. Prices for Barrie are projected to increase another 15% on for 2022. That will bring the average sale price to $885,500. Now lets looks out our own local market here in Ottawa. The average sale prices from 2020 to 2021 have gone up by 22% so far. 2022 is expected to add another 5%. This will bring your average price closer to $679,000 – this includes townhouses and condos. 95% of the markets in Canada as likely to remain a seller’s market. Inter-provincial migration is going to drive up prices as Canadians move to cheaper markets such as Moncton and Southern Nova Scotia. A key market to watch for is Halifax with a projected increase of 17% for 2022. Ottawa remains a great place to buy when you compare it other large cities across Ontario such as Barrie, Toronto, Oakville, Brampton, Mississauga, Burlington and many others that have an average sale price around the million mark.