predicts the average home price will increase to $718,000 in 2022. The number of home sales peaked in 2021 , and “national home sales are forecast to fall by 12.1 per cent to around 577,000 units in 2022.”ranked Toronto as the second-worst city based on risk, next to Frankfurt, Germany, though Vancouver is in risky territory, too.
Its forecast for Canada’s housing market: “Stretched affordability, tighter mortgage stress test requirements and an expected tightening of monetary policy by the Bank of Canada will challenge price levels in the coming quarters.”report said pent-up demand would fuel hectic market activity in the near term. “It will take longer for upward pressure to dissipate than we previously thought . . . Expect prices to flatten in the second half of 2022 instead of the early part of the year.
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I predict houses will once again become affordable to single income families.