🚨 Bold Prediction Alert 🚨
Average Housing prices within the LSTAR board (and likely in most of south western Ontario) will rise another 20%, breaking 800,000K for the first time (mtd) by end of, if not before, June 2022. Projected 2022 end of year average price, 775,000.
Supply and demand ratios are worsening still. There will be far fewer single family new construction opportunities in 2022. Those opportunities that are available will continue to sell at all time highs. If you cant build what you want the next best thing will be resale, specifically newer homes. This will drive prices up from a top down increase in demand. Homes that are 0-2 years old will see huge equity gains. Fun fact...the CREA stats below do not include new construction sales... so average prices are actually always higher than what the stats read ... so wait until all these 0-2 year old homes start selling for over a million dollars.
All just a prediction of course, prices have been through the roof for what feels like forever now. Without a surge of inventory coupled with a simultaneous dissipation of demand, the trend we've seen over the last half decade now will continue.
The best time to buy was yesterday, the second best time is today and the best time to sell is usually ... never.
Written by Cody Tilbury, a Fivewalls Certified Agent. Connect with Cody today!