This year has been anything but ordinary and with that has come an unexpected Real Estate market. Historically, we have been able to look at trends and use those as an indicator of what to expect when making future predictions. However, 2021 has broken all the norms that we’re used to.
In a typical market, we’d usually see sales slow down during the holiday season and new year. Yet, demand and lack of inventory remain driving forces and we are still experiencing a hot seller’s market with record breaking sale prices going into the month of December.
This past week, CTV News published an article after an interview with the president of RE/MAX where he confidently discusses the company’s projections for 2022 sales. Not only does he predict that we (along with the majority of the country) will remain in a seller’s market, but he estimates that “sales are projected to go up by 9.2 per cent on average across the country next year”.
The pandemic along with the ability to work from home has been a large factor in migration from typically busy city areas to less congested and historically cheaper towns. However, this new demand cannot be sustained by the current inventory. Based on these factors, we can expect the market to hold strong as the New Year begins!
Buyers, if you have been waiting for the market to “crash” before you purchase, consider these driving forces and projections for next year before making your decision to wait. The market is competitive, but with the right planning and the right Realtor representing you, we can get you into the market and building equity in this increasingly strong market.
CTV News Article Link: https://www.ctvnews.ca/business/house-prices-in-canada-will-rise-higher-in-2022-real-estate-report-says-1.5689924
-Chantel Silveira