{"id":19105,"date":"2021-12-22T10:10:00","date_gmt":"2021-12-22T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19105"},"modified":"2021-12-22T08:14:13","modified_gmt":"2021-12-22T16:14:13","slug":"greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/","title":{"rendered":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home prices are anticipated to record strong growth yet again next year according to new market insights by Royal LePage.<\/p>\n<p style=\"text-align: justify;\">In a market forecast released today, the brokerage predicted that home values are expected to \u201crise strongly again in 2022, however at a slower pace compared to 2021.\u201d The Royal LePage Market Survey Forecast predicts the aggregate price of a home in Canada will rise 10.5% on an annual basis in 2022, up to $859,700.<\/p>\n<p style=\"text-align: justify;\">By housing type, the median price of a single-family detached property would increase 11% to $918,000, while the value of a condo would grow 8% to a median price of $594,000.<\/p>\n<p style=\"text-align: justify;\">Royal LePage noted that pent-up demand from buyers who were unable to purchase in 2021, combined with the need for housing from newcomers to Canada and newly-formed households, would put upward pressure on prices in a market that is suffering from a \u201cchronic supply shortage.\u201d Meanwhile, heightened immigration targets from the federal government are likely to boost housing demand in large urban communities. Pent-up demand is expected to continue throughout winter, bleeding into the 2022 spring market.<\/p>\n<p style=\"text-align: justify;\">\u201cThe lack of housing supply in Canada is a very real issue; one that cannot be solved overnight. While some believe that housing is now overvalued, signals point to a level of demand that will continue to outpace inventory, keeping prices rising on a steep upward trajectory,\u201d said Phil Soper, president and CEO of Royal LePage, in a press release.<\/p>\n<p style=\"text-align: justify;\">\u201cThat said, I do expect to see price appreciation ease from the unhealthy levels that we have been grappling with over the last 18 months.\u201d<\/p>\n<p style=\"text-align: justify;\">In the Greater Toronto Area, the aggregate price of a home in Q4-2022 is expected to increase 11% annually to $1,256,500. In the same timeline, the median price of a single-family detached home will rise 10% to $1,564,200, and up 12% to $763,80 for condos. This is the only major region where the price appreciation of a condo is anticipated to exceed single-family homes, Royal LePage said.<\/p>\n<p style=\"text-align: justify;\"><strong>Virus Changes Outlook<\/strong><\/p>\n<p style=\"text-align: justify;\">\u201cFor a short period of time, prices dipped and an onslaught of vacant units sent rental rates downward, but that trend was short-lived. Not only have condo prices rebounded, competition is heating up as entry-level buyers see them as an affordable way to get onto the real estate ladder,\u201d said Cailey Heaps at Heaps Estrin Team, Royal LePage Real Estate Services Ltd.<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver, aggregate prices in Q4-2022 are forecasted to jump 10.5% year-over-year to $1,375,700. Single-family detached homes will see the median price rise 12% to $1,892,800, and 8% to $766,800 for condos during the same period. The Greater Montreal Area is expected to see aggregate prices in Q4-2022 increase 8% to $564,800. The median price of a single-family detached home will rise 9% next year to $648,600, and condos up 6.5% to $447,300.<\/p>\n<p style=\"text-align: justify;\">Soper pointed out that the arrival of the new Omicron variant, coupled with Canada\u2019s strong economy and employment trends, would strengthen the housing market. Employers may opt to ease off on back-to-office plans, refocusing the importance of home as a place to both live and work. Meanwhile, as travel and entertainment options are disrupted, the household cash stockpiling trend will continue.<\/p>\n<p style=\"text-align: justify;\">\u201cAll of these economic variables have been shown to stimulate housing activity,\u201d said Soper. \u201cMany of those looking to purchase a home, whether their first, an upgrade, or a recreational property, stand able to take advantage of increased savings and record-low interest rates.\u201d<\/p>\n<p style=\"text-align: justify;\">Lockdowns across the country have been known to stimulate buyer interest \u2014 particularly those who may have otherwise bought a condo \u2014 in larger homes that offer access to outdoor space. Royal LePage stated that this property segment has rebounded as affordability fades in the middle and upper ends of the market.<\/p>\n<p style=\"text-align: justify;\">\u201cDemand for condos has picked up significantly in recent months, especially in major cities like Toronto and Montreal,\u201d said Karen Yolevski, chief operating officer of Royal LePage Real Estate Services Ltd.<\/p>\n<p style=\"text-align: justify;\">\u201cThe price appreciation gap between condominiums and detached properties is narrowing. This trend will continue in 2022, as entry-level buyers are priced out of more expensive property segments, and the revival of the downtown core continues,\u201d she added.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/12\/national-aggregate-price-10-end-2022-royal-lepage.html\" target=\"_blank\" rel=\"noopener\">Royal LePage : National Prices Could Rise 10.5%<\/a> by End of 2022 by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home prices are anticipated to record strong growth yet again next year according to new market insights by Royal LePage. In a market forecast released today, the brokerage predicted &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-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-19105","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>Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End 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\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home prices are anticipated to record strong growth yet again next year according to new market insights by Royal LePage. In a market forecast released today, the brokerage predicted &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022\",\"datePublished\":\"2021-12-22T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/\"},\"wordCount\":697,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/\",\"name\":\"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022 &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2021-12-22T18:10:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/12\\\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022 &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/","twitter_card":"summary_large_image","twitter_title":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022 &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Canadian home prices are anticipated to record strong growth yet again next year according to new market insights by Royal LePage. In a market forecast released today, the brokerage predicted &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022","datePublished":"2021-12-22T18:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/"},"wordCount":697,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/","url":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/","name":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022 &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2021-12-22T18:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2021\/12\/greater-vancouver-single-family-detached-homes-price-could-rise-12-condos-up-8-by-end-of-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Greater Vancouver Single-Family Detached Homes Price Could Rise 12%, Condos Up 8% by End of 2022"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=19105"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19105\/revisions"}],"predecessor-version":[{"id":19143,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/19105\/revisions\/19143"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=19105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=19105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=19105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}