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Sellers Still Sparse in January Housing Market
Dated: February 23 2022
Views: 409
Real estate activity is holding relatively steady so far in 2022.
According to CREA, January saw a 1% increase in market activity over December of last year. This follows a four-month period of general stability balanced somewhere between the record highs of last year and the slow-downs of early lockdown days.
But the number of new listings across Canada dropped by 11% from the previous month. It is likely that sellers are riding out the worst of winter before listing their properties.
Demands and difficulties
Lower listings and shrinking sales mean pricier properties on the market.
In spite of having the second-highest January sales level on record, the first month of 2022 was still 10.7% lower than January 2021 due to a lack of properties for sale.
With so little to choose from, even condos and row houses are in high demand these days.
Overall, housing prices in Canada have risen 21% in the last year, with Ontario seeing a 25.6% increase from last January. This is making it extremely difficult for first-time home buyers to enter the market. And, as housing prices go up, rent rates are being driven higher as well.
Add to this the issues of labour shortages, supply chain issues, and rising prices in the construction sector, which have made it more difficult for potential homeowners to purchase or commission new builds, and we are left with a growing need for new listings.
Best case scenario
The best thing that could happen for the market in 2022 would be a sudden surge of sellers who have been biding their time throughout the pandemic and are now ready to sell. This would help a lot of homebuyers to finally find a property, and would likely bring housing prices back down.
Paul Schnittker
Almonte has been my home for many years, and I love living and working in this community. I moved from sales to Real Estate in 2016 because I wanted to help others find their dream home here in the Ot....
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