Statistics released by the Canadian Real Estate Association (CREA) show national home sales remained historically high in December 2021, as the end-of-month supply of properties for sale hit an all-time low.
National home sales inched up 0.2% on a month-over-month basis in December.
Actual (not seasonally adjusted) monthly activity came in 9.9% below the record posted in December 2020.
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Despite the continuing economic challenges of the COVID-19 pandemic and the rise of e-commerce, the national retail vacancy rate is expected to see a slight decrease of less than one per cent by 2024, a new report by Colliers International predicts.
Though sales have increased, new listings failed to keep up the pace, only increased 6.2% Year on Year, underscoring a supply issue fueling and increase in prices for years.
Thrilled to be honoured at the Forest Hill Signature Real Estate Awards and Holiday Luncheon in December 2021. Thank you to my clients whose loyalty made this happen and these Silver and Gold Awards are for you!!!
A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7 per cent from the previous 2016 high of 113,040 and up 28 per cent compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2 per cent – a lesser annual rate than sales. The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – an increase of 17.8 per cent compared to the previous 2020 record of $929,636.
Canada's residential, commercial, industrial and retail Real Estate sectors are expected to rebound with the economy in 2022. The economy is expected to continue to bounce back from the pandemic-driven correction in 2022, with output rising between 4-5% YoY.
It further predicts Canada's labour market will strengthen in 2022. With Canada's borders reopening and continued job growth, rental demand is forecast to gradually grow in 2022 and remain a preferred target for investors.
