Housing Prices Rising In 2022?!

How much are housing prices going to rise in 2022?

The end of 2020 was a crazy time for the real estate market in Toronto, Burlington, Hamilton
and Brantford.

We saw 20+ showings and 10+ offers on every listing. The main reason for this was because of the lack of inventory in the market and demand went through the roof.

People were paying for things that just didn't make sense to buy for a certain price.

The demand for real estate in 2021 drove up the price points drastically. This made it very difficult for people to buy a home now.

With 2022 about to finish the 1st quarterly we are starting to see a change in the market. The market is seeing less and less showing and fewer offers but still getting high price points.

In our opinion, there are several factors that contribute to this change.

1) The increase of interest rates: Interest rates were increased this year and it showed the softening of the market but not by much. Things are a bit crazy but it definitely had its impact.

2) Increase of inventory on the market: We have seen a bunch of new inventory hit the market. People are selling their houses for a crazy amount of money and they want to jump on the bandwagon.

3) Fear of missing out: People are worried about increasing prices and that they won't be able to enter the market. So when they go to submit their offer they put way too much into it.

2022 is going to be an interesting year for the real estate market. No one has an idea of what they’re going to be doing with interest rates. We at Above All Real Estate think that interest rates will increase and prices will stay the same.
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