Is your New Year's goal to become a homeowner?
Are you hoping the new year will bring you a pair of shiny new house keys?
RE/MAX just released its 2022 predictions for the market, and spoiler alert — the new year will not be bringing more affordable housing.
According to RE/MAX's 2022 Canadian Housing Market Outlook Report, Canadians can expect "steady price growth" across the real estate market "with inter-provincial migration continuing to be a key driver of housing activity in many regions."
The country's housing supply shortage will most likely continue into the new year, driving up prices.
Canadians can expect to see an estimated 9.2% increase in average residential sales prices because of these circumstances across the country, according to RE/MAX.
The report predicts the cheapest spot to purchase a home in Ontario will be Thunder Bay, with the average residential sale price increasing by 10% from 2021 to $300,685.73. The second cheapest option will be Sault Ste. Marie, with average prices predicted to rise to $312,903.50.
However, many spots in Ontario still come in at over half a million dollars. The fifth cheapest spot, Windsor, is expected to have average prices rise to $591,805.89.
The most expensive area to buy a home in 2022, surprisingly, won't be Toronto. Instead, York Region is predicted to be the most expensive area with average prices at $1,403,767.20.
The five cheapest areas to buy a home in Ontario in 2022, according to RE/MAX, will be:
- Thunder Bay, $300,685.73
- Sault Ste. Marie, $312,903.50
- North Bay, $406,640
- Sudbury, $422,500.05
- Windsor, $591,805.89
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