What to expect in Real Estate in 2022
Friday Jan 14th, 2022
The Liberal Government since 2015 has added MANY new public Servants and added to Military and RCMP staffing in the NCR.
So each year they were in power the housing market has been exceptionally good. With all the new public servants in December 2019 there were
VERY few listings with prices up 19.7%. For December 2020 Prices were up 20%, For December 2021 Prices are up for Detached Homes 23.6% Wow
Due to Covid 19 during 2020 and 2021 and now 2022 there was a double whammy. Sellers can not find what they want as the INVENTORY of homes is so low.
Inventory is still very low. As of December 562. In a normal year December is a low month for listings. Typically around 3,000
The Liberals are doing well in terms of Vaccines. They Called an election and WON a minority
The Liberals have a MAJOR problem. The Federal Debt increase is about $450B. Liberals will have to cut back on the number of Public Servants starting by January.
It will take at least 4 months for real decisions to be made. There may also be some types of tax increases. All this to say for Buyers this will be a better year.
Most are projecting about a 10% price increases for the first half of the year.
If a Seller downsizing do it soon as I expect The Liberal Government will have to start Public Servant cut backs this year which will slow down price increases