January 17, 2022, by Jessy Bains
The Canadian Real Estate Association says real estate prices were up 26.6% nationally year over year in December, 2.5% month over month. Sales were down 9.9% year over year and basically flat month-over-month.
The number of newly listed homes fell 3.2% month over month. The sales-to-new-listings ratio tightened to 79.7%; the long-term average is 54.9%. There were 1.6 months of inventory at the end of December 2021, the lowest level ever.
Cailey Heaps, President & CEO, Heaps Estrin Team says buyers were giving up at the end of the year but are ready to try again.
Every indication is that 2022 is off to a strong start. My feeling is that the sellers who choose to list in the first quarter of 2022 will be met with enthusiasm from the market, and will be rewarded accordingly, said Heaps.
BMO senior economist Robert Kavcic says 2021 was the year Canadian real estate â€œbecame unhinged. He expects the Bank of Canada will act in 2022.
What does this mean?
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