INCREASE IN REAL ESTATE IN 2022, WHAT TO EXPECT?
Faced with an increase in the national average house price which would have increased by 21.2% on an annual basis in 2021, housing sales are expected to slow down this year. However, prices are not expected to drop anytime soon. While price growth is not expected to be as marked in 2022, the overheated market conditions, which have been accentuated by the COVID-19 pandemic, will still be felt, due to the lack of available properties and possibilities offered by teleworking, which allows certain households to leave large cities in search of properties with large spaces. Although interest rates and mortgage rates are expected to rise this year, forecasts observed by the CREA suggest that the boiling resale markets, resulting from the upheavals of the last two years, should stimulate real estate activity beyond levels observed post-pandemic. They predict national home sales will fall 8.6% in 2022, still making it the second highest year on record.
House prices are getting higher and higher. The challenge of purchasing a property is even more important as you are committing to one of the biggest investments of your life. Don't take a chance. In such a competitive market, you are better off being surrounded by experts.
Request the services of a certified home inspector to guide you in your purchase. At Bellavance, we understand that the stakes are even higher as prices continue to rise and you don't want to make bad choices. It is for all these reasons that we will be there to support you during an inspection. Our inspectors are supported by a team of professionals to help you, during a pre-purchase inspection of a house or building, to avoid unpleasant surprises.