With more Bank of Canada rate hikes expected throughout the year, we'll likely see Canada's buyer pool tightening further. CENTURY21Canada realestate realestatenews interestrates
shrinking buying power and forcing some buyers to reconsider purchasing a home at all, real estate prices across Canada continue to grow, in some cases sitting well above where they were at the same time last year.from Century 21 Canada, just three have seen their price per sq. ft so far in 2022 fall below levels seen during the same time last year. Those three market segments — condos in St.
“We recognize the concerns that some might have because of interest rates, but the first half of 2022 showed growth in nearly every regional market in the country,” said Century 21 Canada Chief Operating Officer Brian Rushton. “The highest point of the boom may have passed, but the trend is still towards higher prices, especially in suburbs where younger and first-time home buyers are looking to escape competitive metropolitan areas now that remote work has become more common.
“We don’t want to get ahead of ourselves, we’re going to keep seeing how the market performs and whether or not it cools down after the frenzy of the past year,” Rushton said. “With inflation on the rise, folks may be less able to purchase but even a slight dip would only take us to the level of a few years back, possibly the 2018-2019 period. Ultimately, there are still buyers who have been waiting for a cool down period so that they can enter the market at the best time.
“What will be interesting is to compare the data we’ve received from the first half of this year with the data we gather in 2023 to see how the rising rates impact the market for the next six months,” Rushton said.
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