Real Estate Predictions in 2022

Although no one has a crystal ball and it is hard to say for certain what will happen, here are some educated predictions for 2022.

Toronto's real estate market in 2021 has put home purchases out of reach for many millennials and first-time buyers.  Tougher lending, qualifying and mortgage approvals are also forcing buyers to lower their expectations when purchasing.  Unfortunately, most experts are predicting house prices to continue to rise in 2022, but perhaps at a lower rate then in the past 12 months.

Supply will be a critical metric to watch heading into the new year.  As there are still many active buyers trying to take advantage of the current low mortgage rates in the market, this will continue to push demand.  

Look for mortgage rates to rise in the near future but still remain historically low.