Will Ontario housing prices fall in 2022?
Market forecast to begin easing from current record levels over the 2nd half of 2021 & into 2022.
The Canadian Real Estate Association has updated its forecast for home sales activity via MLS®. Current trends and the outlook for housing market fundamentals suggest activity will remain strong through 2021, resulting in a record number of sales. That said, activity is forecast to begin returning to more typical levels over time. 2022 is expected to see fewer MLS® transactions compared to 2021, while remaining above all other years on record.
Home price slowdown not seen until 2022.
Canadian house prices rose sharply in 2021, supported by ultra-low interest rates & robust demand driven by massive fiscal support. Even with the economy at an early stage of recovery, Canada’s home prices escalated sharply to record highs, driven by investor activity & solid demand from first-time buyers. While Canadian home sales, prices and starts all fell in April compared with record high figures in March began to unwind, the May 11-20 poll of 15 property analysts showed activity would remain strong. House prices were forecast to rise 15.0 % on average this year nationally and 3X the 5.0 % February prediction. Still, the pace of home price gains was forecast to slow over the coming years with expectations of tighter mortgage rules and Bank of Canada which announced in April a scale back to its pandemic support. Home prices were predicted to rise at a much slower pace at an average 3.7 % next year, lower than 4.0 % predicted previously. But 10 of 13 analysts said the risks to their outlook for 2022 was skewed more to the downside.
Market Update ~ September 2020 > 2021
Number of Listings 2020 - 4,238
Number of Listings 2021 - 4,389
Increase of 3%
List Price 2020 - $414,633
List Price 2021 - $514,088
Increase of 24%
Days to Sell 2020 - 38
Days to Sell 2021 - 22
Decrease of 16 days
Sale Price 2020 - $394,119
Sale Price 2021 - $501,282
Increase of 27%
**The percentage reflects the change of the current month over the same month of the previous year
Back to Business ~ Life After the Virus
As more and more people get vaccinated, the number of COVID-19 infections and deaths are finally declining. We know this pandemic won’t last forever. But — what happens next? Do we just pick up where we left off in March 2020? Or have things changed in a fundamental way? What will work look like after COVID? What about parenting? Friendship? Faith? Will our understanding of public health change, as epidemiologists race to get ahead of the next pandemic? The truth is, nobody knows exactly what comes next. Uncertainty continues to reign. But for the first time in a long time, it feels like we can reasonably contemplate the future — we are no longer locked in the “perpetual present.”
Fall Recipe ~ Butternut Squash & Apple Soup
Ingredients:
1 small yellow onion, diced
2–3 cloves of garlic, minced
1 Granny Smith apple, diced
1/2 tablespoon chopped fresh rosemary
1 teaspoon finely chopped fresh sage
1 small butternut squash, peeled and diced
1 13.5 ounce can light coconut milk
4 cups vegetable broth
Salt and black pepper, to taste
Instructions:
Bring a large soup pot to medium heat & add a splash of vegetable broth or cooking oil. Add the onion & apple, then sauté until the onion is translucent, 3 to 5 minutes Add in the garlic, rosemary, sage, & a pinch of salt. Sauté for an add'l 1 to 2 mins, then add in the squash, coconut milk & vegetable broth. Raise the heat to high and bring the mixture to a boil, then reduce the heat to medium-low & simmer uncovered for 10 to 12 mins, until the squash is fork-tender. Carefully use an immersion blender to blend the soup until smooth, or transfer to an upright blender and blend on high speed to do the same. Serve as desired
