{"id":19058,"date":"2021-12-15T10:10:00","date_gmt":"2021-12-15T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19058"},"modified":"2021-12-07T11:11:54","modified_gmt":"2021-12-07T19:11:54","slug":"home-price-pressures-expected-to-ease-by-2nd-half-of-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/home-price-pressures-expected-to-ease-by-2nd-half-of-2022\/","title":{"rendered":"Home Price Pressures Expected to Ease by 2nd Half of 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">Home prices in prominent Canadian markets ramped up last month, but the acceleration we\u2019re seeing now is expected to ease off by the second half of next year as these markets become more balanced.<\/p>\n<p style=\"text-align: justify;\">In an RBC Economics Thought Leadership report published this week, senior RBC economist Robert Hogue said that property prices \u201creaccelerated further\u201d in major markets during November thanks to strong demand and dwindling inventories.<\/p>\n<p style=\"text-align: justify;\">In the Greater Toronto Area, \u201caggressive\u201d bidding drove the composite MLS Home Price Index (HPI) up 3.9% from October to $1,173,000. Over the past two months, GTA prices have climbed 2.2% and 4.3%, resulting in a $114,000 increase over a three-month period. This exceeds the $99,000 jump in prices that was recorded in the first three months of 2021.<\/p>\n<p style=\"text-align: justify;\">\u201cClearly, affordability is taking a huge hit right now and the situation is likely to worsen when interest rates go up,\u201d said Hogue. \u201cSelf-correcting mechanisms will eventually kick in to rebalance the market though exceptionally tight supply is poised to keep prices on an upward trajectory in the near term.\u201d<\/p>\n<p style=\"text-align: justify;\">A similar story unfolded in Western Canada last month. Bidding wars in Vancouver pushed the MLS HPI up 1% from October and 16% year-over-year, a trend that marked a \u201cfurther acceleration in prices.\u201d<\/p>\n<p style=\"text-align: justify;\">By housing type, the MLS HPI for Vancouver condo apartments jumped 11.4% annually and 9.5% from October, while single-family homes reported a 20.8% and 20.5% gain on a yearly and monthly basis. Calgary\u2019s composite MLS HPI also saw increases in November, rising at a near double-digit rate according to the RBC Economics report.<\/p>\n<p style=\"text-align: justify;\">Despite these recent increases and anticipated price growth in the near future, Hogue pointed out that housing price pressures would see some relief by the second act of 2022.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect extremely tight demand-supply conditions will keep prices under intense upward pressure in the near term though we see such pressure easing significantly by the second half of 2022 as markets achieve a better balance,\u201d said Hogue.<\/p>\n<p style=\"text-align: justify;\">Early reports from real estate boards showed that the temperatures of markets were \u201cgenerally rising once again\u201d as resales climbed to high levels in November. In communities like Toronto or the Fraser Valley, where resales were unchanged or had dipped slightly last month, this was mostly attributed to a lack of supply, not falling demand, Hogue explained.<\/p>\n<p style=\"text-align: justify;\">Although market trends over the past three months have flipped from the cooler periods recorded during the spring and summer, Hogue said that it is unlikely we\u2019re seeing another \u201cleg up in the market\u2019s unprecedented run.\u201d Instead, the current activity we\u2019re witnessing is related to buyers \u201cfront-running interest rate increases,\u201d a short-lived trend that is expected to fade in the coming months and lead to moderation.<\/p>\n<p style=\"text-align: justify;\">\u201cOur view remains that deteriorating affordability (arising from soaring prices or higher interest rates, or both) and easing pandemic restrictions will gradually cool demand in 2022,\u201d said Hogue.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/12\/price-pressures-canadian-markets-ease-2022-rbc.html\" target=\"_blank\" rel=\"noopener\">RBC Economics : Price Pressures in Major Canadian Markets Expected to Ease by Second Half of 2022<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home prices in prominent Canadian markets ramped up last month, but the acceleration we\u2019re seeing now is expected to ease off by the second half of next year as these &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/home-price-pressures-expected-to-ease-by-2nd-half-of-2022\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19058","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Price Pressures Expected to Ease by 2nd Half of 2022 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/home-price-pressures-expected-to-ease-by-2nd-half-of-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Price Pressures Expected to Ease by 2nd Half of 2022 &#8226; 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