A Seller’s Market in 2022

A Seller’s Market in 2022

  • Claudine Montano
  • 04/4/22
The housing market is finally seeing a return of sellers! In the absence of adequate supply, prices continue to rise rapidly. Several local real estate boards reported further price acceleration, led by the Fraser Valley, Toronto and Vancouver, where home values soared (again) from already sky-high levels in January.

In this year’s spring season, sellers will play a significant role. As interest rates rise and potential policy actions targeting speculators appear imminent, a critical mass of homeowners deciding to put their property on the market could alleviate some of the supply restrictions, boosting activity near term and reducing some of the price pressure.

In January, Toronto’s benchmark price surpassed Vancouver’s for the first time. At this stage, demand remains exceptionally high despite poor affordability. February’s resales increased 5.9% from January (on a seasonally adjusted basis) due to a larger offering of homes for sale. A higher interest rate is expected to cool down the demand in the area over time. (February 2021 was the busiest month on record.) Rising interest rates are particularly vulnerable to the Toronto area due to its high price points and strong presence of investors.

So although we could see relief from this heated market, it is yet not enough to help the current housing crisis we are facing.

Work With Claudine

With more than a decade of experience, Claudine Montano possesses a strong business acumen of Toronto’s constantly evolving real estate market. Claudine Montano is a Broker of Record with RE/MAX Hallmark Montano Group Realty affiliated with RE/MAX Hallmark.

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