03 Dec, 2021
House prices are and will likely always be a hot topic in Canada. With so many Canadians moving from one province to another and demand outpacing supply, it’s no surprise that house prices shot up in 2021, and it looks like 2022 will be no different.
According to RE/MAX’s Canadian Housing Market Outlook, average residential sales prices across the country are set to increase by 9.2% next year. Some regions will heat up more than others, while rare outliers like Winnipeg are expected to be buyers’ markets.
Surprisingly, house prices in Atlantic Canada are set to increase the most in 2022, specifically in Moncton and Halifax at 20% and 16%, respectively.
RE/MAX has shared insights about the real estate trends in each region and the house prices that residents can expect to see next year.
Calgary went from being a balanced market to a sellers’ market in 2021 and experts predict that it’ll stay that way next year. The demand was driven by new residents moving from Ontario and B.C., all going after the same limited supply of houses on the market.
RE/MAX estimates that the average home price in Calgary will be $506,685.18 in 2022.
Edmonton saw a similar shift take place as in Calgary, which included out-of-province buyers flocking to Edmonton, the report says. Edmonton is also a prime destination for investors who have been priced out of other markets, which is set to boost Alberta’s economic growth in 2022.
In Edmonton, houses are expected to cost $404,297.36 on average in 2022.
Many Vancouverites moved to smaller cities in B.C. and other parts of the country in 2021, but Canadian and international buyers are continuing to fuel the city’s real estate market.
Rising immigration and the desirability of the Greater Vancouver Area are expected to drive prices up in 2022, leading to an average house price of $1,294,140.02.
Ontario’s real estate trends for 2022 are all over the map, with some northern markets like North Bay experiencing as little as 4% growth and 20% growth in cottage country regions like Muskoka. In 2021, house prices in London and Brampton exploded by 30% and 25% respectively.
Immigration levels are expected to pressure on house prices in 2022, but Toronto may not experience as much growth as other cities in the GTA.
Overall, the average cost of a home in Toronto is set to be $1,160,491.20 next year. Brampton is set to be even more expensive at $1,172,250.36.
To see RE/MAX’s insights for every major city in Canada, you can access the full report here.