Home prices in Toronto are predicted to rise another 10% next year

There’s no relief in sight for Toronto next year, after months of property prices skyrocketing to never-before-seen highs.

Home prices in the province’s capital are predicted to grow another 10% in 2022, according to RE/latest MAX’s Housing Market Outlook. According to the analysis, greater immigration next year might put a strain on already tight supply and high property prices in larger cities like Toronto.

Surprisingly, many of Ontario’s smaller markets are anticipated to see price hikes that are just as significant, if not larger, next year. Muskoka is likely to witness a 20 percent spike in costs, while Thunder Bay and Collingwood/Georgian Bay are expected to see a 10% hike.

Durham, which had a startling 29 percent year-over-year price increase from 2020 to 2021, is expected to witness a more modest 7 percent increase in 2022. Home prices in Brampton are predicted to rise by 8% next year, following a 25% year-over-year increase.

Inter-provincial migration will continue to be a primary driver of housing activity in regions across Canada, according to the analysis.

“Less-dense cities and neighbourhoods offer buyers the prospect of greater affordability, along with liveability factors such as more space,” said Christopher Alexander, President of RE/MAX Canada. “In order for these regions to retain these appealing qualities and their relative market balance, housing supply needs to be added. Without more homes and in the face of rising demand, there’s potential for conditions in these regions to shift further.”

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