A new report released this week by Royal LePage predicts that Toronto’s real estate market will see similar patterns in 2022 as it did in 2021 – namely, more sales in the earlier part of the year.

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Predictions show Toronto’s real estate market statistics in 2022 will look a lot like 2021’s real estate market.

Last year, record-low interest rates along with the impending Harmonized Sales Tax (HST) and new mortgage lending rules drove home buyers to make the majority of their purchases in the early part of 2021. This year, rates are still low but interest and mortgage rates are expected to rise mid-year, resulting in the prediction that 2022′s real estate market will follow a similar pattern. Almost two-thirds of 2021′s sales were conducted in the early part of the year.

“2022 is expected to unfold much like 2021, when close to 60% of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized,” said the report.

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Canadian Real Estate Association Predictions For 2022

 

Preliminary predictions from the Canadian Real Estate Association say that prices will fall by 1.3% in 2022, and that the year will only see about a 9% decrease in sales over 2021.

CREA’s full report on 2021 has not yet been released, however sales in the Toronto Real Estate Market is said to have only decreased by 1% over 2009, according to preliminary reports.

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