Canadian housing prices expected to increase in 2022

A new survey by Royal LePage predicts housing prices will rise 10.5% by the end of 2022, with the average cost of a single-family detached home in Canada increasing to $918,000. Mark Neufeld reports.

[sean]

Either three things have to happen
1) rent prices will hike by 15-25% in the next 1-2 years to match hike in price houses
2) home prices will decline
3) home prices flatline for a while and rent slowly creeps up

Scenario one is least likely to happen.

[jonontube]

Omnicron continues to be a force, you mean the government. Lol

[kurts]

So real estate benefits from inflation

[Tony-tivr]

As a Chinese Canadian in Canada, I can assure that foreign buyers, especially from China are not to be blamed this time. Many of my relatives in China actually sold their properties cause of the Canadian government handling of the pandemic.

[althunder]

Lots of individual people buying 2 and 3 investment properties is where that "demand" is coming from.

[tdwebste]

Property speculation is the problem.

Because in Canada property speculation is the only investment guarantee to increase year on year.

The solution:
New construction needs to be about 40% large coops which are shared building ownership and individual unit ownership.

You buy a share of the building or building complex. When you sell, the money from the shared ownership goes to the coop community or is not sold because it was rented.

Coop government regulation needs to be improved so that building management companies are libel for the advice they provide.

[helixfoundationsystems]

2022 will be the biggest crash in my lifetime

[aaz]

Bank of Canada slamming rates to 0 sure didn't help. But we're not allowed to point the finger at them

[vasilytanygin]

House prices do not grow. This is just a measure of real CAD value.

[DJ_Indigo-Angel]

Anyone else here think your first home would be a million dollar 2 bed semi detached.

[Paul-vqyc]

Yes but why can’t all prices including rents decrease? A house in Buffalo is 1/5 of the cost of Toronto… even if there is a scourge of supply nobody has the money they are asking… it’s just slavery for nothing abusing the citizens. Because nobody has 2 million dollars… only and barely a few Bridlepath residents…

[aynrandfan]

seen my home value go from 2.93 million to assessed at 3.4 million hahaha man Vancouver is NUTSSS...good to pull some equity tho to buy more investment properties :D

[dougb]

I live on Vancouver island and my assessment went up 30% from last year. I have lived in my house for over 25 years & the increased value means nothing as I’m not moving & even if I were too move everything else has gone up as well so would be no further ahead.

[austingloin]

Housing prices have increased at least 400% (yes at least) in last 15 years this isn’t a new problem

[SterlingArchimedes]

"foreign buyers are not the problem, its available inventory".... how do you think foreign buyers don't affect available inventory?

[Johnny_Doe]

Will this be the same after the rate hikes?

[michaelngfinance]

Could we convert those downtown commercial real estates to residential?

[Sophie_kent]

Where is all this money coming from? The only winners are realtors, govt, and the uber rich investors. The working class has been ousted out of the housing market. Dreams are crushed. Its a tragedy.

[NipplesOfDestiny]

yet parents will still kick their kids out at 18 because that's what they were told to do for like 30 years... Definitely not a plot hatched by the real estate industry to sell more houses....

[toyman]

When I read that, for the average working couple in Toronto who save 10% of their income, it will now take them nearly 20 years just to save enough for a down payment for a detached or semi-detached house in that city, I knew then that something is wrong here! Is it any wonder that Toronto retirees are selling their homes, getting $1.5 million +++ and moving to small town Ontario? We did. We bought a nice home in a nice town in southwestern Ontario for less than 1/3 of what we got for our Toronto house. We love it here. Quiet, clean air, no traffic, etc.