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
After two years of strong price appreciation, Canadian home prices are poised to increase significantly in 2022, albeit at a slower pace than in previous years. According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to rise 10.5% year-over-year to $859,700 in the fourth quarter of 2022, with the median price of a single-family detached property projected to increase 11.0% to $918,000, and the median price of a condominium expected to increase 8.0% to $594,000.
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Edmonton
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
FULL ARTICLE
Edmonton
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