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.
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Checking recent listings on RAHB…where pre Feb listings were selling in 4 to 5 days, recent listings are stalled at 40 days…and counting for those whose agents won’t accept reality. I think Remax optimism is expected, reality is, don’t be looking for a windfall selling price in this market. That is over for now. Sit tight or cash out lower than expected.