Find out in the Toronto Housing Market Outlook from Urbanation.

Limited inventory of homes and a strong demand are likely to maintain this Toronto real estate market a strong market conditions until 2022. Move-up and move-over buyers continue to fuel the market and single-detached homes in brampton saw the most significant price appreciation this year on a year over year basis, rising from $1,477.519 by 2020, to $1,710 304 in 2021 (+15.8 percent); followed by townhomes, which increased from $835,615 in 2020 up to $935,015 by 2021 (+11.9 percent); and condos that jumped from $673,708 in 2020 and $709,602 by 2021 (+5.3 percentage). 

In the fall of 2021, the market for condos was experiencing the highest amount of activity for all types of properties that is expected to continue until 2022 because of the higher amount of inventory. The rising levels of employment and income that are likely to continue to rise after COVID-19 is expected to remain a an important factor in the growth of the real property market. 

The trend of inter-provincial movement began to emerge at a very early point during the outbreak, and it is likely to continue until 2022. In the meantime, migration rates in Toronto surpass the out-migration trend, placing additional pressure on Toronto housing stock levels by 2022. 

Average price for residential homes in the Toronto market is expected to rise by 10 percent by 2022.

Canadian Housing Market Perspective for 2022

From a global perspective, RE/MAX is anticipating steady price increases all across all of the Canadian property market by 2022. Inter-provincial migration remaining a major driving force behind the growth of housing in a variety of regions, as reflected in surveys of RE/MAX agents and brokers which are reflected in their 2022 Canadian Housing Market Outlook Report. The current shortage of housing will likely continue and will put pricing pressure. Because of these reasons, RE/MAX Canada estimates a 9.2-per-cent increase in the average prices for residential homes across the nation*.

"Based on the feedback we received from our agents and brokers The trend of inter-provincial relocation which we saw during the spring of 2020 remains extremely strong and is likely to last until 2022." claims Christopher Alexander the President of RE/MAX Canada. "Less-dense neighborhoods and cities offer buyers the chance of better affordable housing, as well as the benefits of living in a larger space. For these areas to maintain these desirable attributes and to maintain their market value, more housing must be increased. Without additional homes, and given the rising demand, there is a chance for the conditions in these areas to change even more."

In spite of the global pandemic the majority of Canadians remain confident about the market for real estate. According to an Leger survey that was conducted for RE/MAX Canada, 49 percent of respondents think Canadian properties will be an investment option that is among the top alternatives by 2022 (59 percent of homeowners in comparison to. 34 percent of non-homeowners that included renters, those who do not intend to buy, and people who are looking to buy). In addition, 49 per cent of respondents believe that they will be able to predict that the Canadian real property market will stay stable in the coming year..

"Canadians are aware of the potential for investment and value of their homes. But, challenges in the market like rising prices and a shortage of homes have affected local markets from coast to coast and caused a lot of anxiety this year among those wanting to join the market, and those who hope to make a move," says Elton Ash Executive Vice President, RE/MAX Canada. "Despite the challenges, it's good to know that many are optimistic about the market for housing in 2022 and see Canadian real estate as an investment worth making."

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