If you’re planning on buying a home in Toronto in 2022, you may feel daunted by all the things to keep track of. Having said that, the first big task is to evaluate the housing market to see if it really is the best time for you to buy a home. What is the forecast for the 2022 housing market in the city? Here is a little insight that will guide you with your decision on whether or not to seek out Homes For Sale in Vancouver or the other British Columbian metropolitan regions.
- Prices and Sales
Home prices are expected to rise in the British Columbian region in 2022, but don’t let that discourage you. At the moment there is strong demand for housing, but a rather low inventory. The average home price is expected to rise by only 3%, though it should be noted that this rise is after the whopping 17% rise seen in 2021 amid the assumed-emergence from the coronavirus pandemic crisis. When it comes to sales, however, they are expected to take a dip mid-year, which could result in price alterations for eager sellers looking to unload their property. It is best to keep a watchful eye on the availability of houses not only in the metropolitan regions, but adjacent towns where houses are more affordable and still provide access to the city’s features.
- The Impact of Immigration
Canada is slated to accept over 400,000 immigrant and permanent residency applications in 2022, and a majority of these are likely to migrate to British Columbia, if they are to follow the relocation trends of the past few years. Demand for housing will rise significantly in Vancouver, where the demand unfortunately outpaces resale availabilities. The good news is that the preconstruction market is booming, and new homes are slated to go up toa address the need.
- Public Pressure
Local municipalities are facing pressure to expedite approval processes for multifamily construction projects to move forward. This would accelerate the availability of housing in the region to accommodate the mass influx of migrants and hopeful homeowners. The market for new presale condominiums and townhouses similar to these new townhomes in Lehi Utah in particular is very strong.
- The Housing Market is Like an Ecosystem
You may be one of the potential home buyers who is yet to have confidence about purchasing a home in the market, and that’s ok. The good thing is, by keeping your eyes on the homes for sale and having your financials prepared, you may be in a position to snag a great home at a fair price. You just have to keep your eyes open. You may find yourself considering an alternative to a traditional home, like a townhouse or condominium. Another option is to seek a home on the outskirts of a metropolitan area where, though houses are scarce, they are vastly more affordable. The housing market is like an ecosystem that exists in flux, so by paying attention and knowing when to make the right movies, you can have confidence in knowing that purchasing a home is on the horizon.