Royal LePage forecasts double-digit home price growth in Canada in 2022
Royal LePage 2022 Market Survey Forecast
In Edmonton, the aggregate price of a home in the fourth quarter of 2022 is forecast to increase 5.0 per cent year-over-year to $450,500
In Edmonton, the aggregate price of a home in the fourth quarter of 2022 is forecast to increase 5.0 per cent year-over-year to $450,500. During the same period, the median price of a single-family detached property is expected to rise 6.0 per cent to $500,300, while the median price of a condominium is forecast to increase 1.0 per cent to $184,800.
“There are a lot of good news stories in the local economy, which continues to bolster the confidence of first-time buyers to enter the market and young owners to move up,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Demand continues to outpace available supply, particularly for homes in the half-million to $900,000 range.”
Shearer added that while winter weather does typically slow the Edmonton market, a surge of activity is expected once interest rates rise in 2022, as those who have secured a hold on a lower rate will look to make a purchase quickly.
“Heading into 2020, Edmonton’s economy was just beginning to normalize following years of recession. The real estate boom spurred by the global pandemic accelerated that recovery. Once borrowing costs increase to a certain level, the housing market will start to normalize to pre-pandemic levels once again.”
Royal LePage 2022 Market Survey Forecast Table:rlp.ca/2022forecast_table