Housing price increases in the20% plus range almost across the board

By Staff

July 20th, 2022

BURLINGTON, ON

With inflation at an 8.1 % increase over last month and a high that has not been seen since 1983, we thought you would be interested in what is happening to the price of housing.

The housing market was blazing for a period of time.  Is there a correction taking place?

ReMax Canada released its 2022 Housing Affordability Report – a nationwide analysis of local market activity and housing affordability trends for the first half of 2022 – including Ontario, Western Canada and Atlantic Canada.

The report revealed that 68 per cent of Canadians are willing to make at least one sacrifice to buy a home they can afford, with the most common concession being relocation (64 per cent)– a trend that continues to reign as a primary influence in local housing markets across the country, say RE/MAX brokers.

Some of the smaller regions outside of Toronto/GTA have experienced some of the highest year-over-year price increases in the first half of 2022, due to rising demand and limited supply –

Windsor, ON (+24.42%),
Barrie, ON (+24.40%),
Sudbury, ON (+23.85% ),
London, ON (+23.26%),
Hamilton, ON (+22.35%),
Thunder Bay, ON (+17.58%),
Kingston, ON (+20.83%),
Ottawa, ON (+11.46%).

In Kitchener/Waterloo, ON, the increase was more modest at +4.29% year-over-year from $759,115 in 2021 to $791,674 in 2022.