I'm sure many of you are wondering what to expect in the real estate market next year! This is what we know:
1. Interest rates will increase
It won't make a big difference in the market, but it is believed that interest rates will be rising possibly in Q3 or closer to the end of 2022/beginning of 2023.
2. COVID is still going to be around
Whether we like it or not, it is true. Lifestyle preferences of having more space/a bigger home to work at home or for the children will continue.
3. The gap between condos and freeholds will grow
Since COVID, we saw a decline in the condo market, but it has recently begun to grow and will only continue to move back to what it was as freehold homes get out of reach.
4. The rental market will return
As in-class learning and working at the office returns, the rental market will make a comeback as well.
Overall:
The GTA has been facing a severe problem and that is demand is continuing to outpace supply! Housing starts in Canada in 2021 rose about expectations at 301k units, BUT the immigration target of 411k means there is still going to be MORE DEMAND THAN SUPPLY.
I think the market will continue to remain strong and you probably have more equity than you thought... Therefore the question is, are you going to use it? or sit on it?
Opportunities are out there, you just need someone to help you find them.
If you're thinking of making a move in 2022, we're here to help! Contact us today to get started!
Call or text 647-504-0690
Email: steven@mistersauga.ca