Housing industry mortgage plan and residential tax saving strategy
Our Housing Market Outlook provides forward-looking analysis into Canada’s housing markets. This helps anticipate emerging trends in Canada’s new home, resale and rental housing segments and their potential impacts on affordability and other housing challenges at the national and local level.
Key highlights from the 2022 release
- We expect the growth in prices, sales levels, and housing starts to moderate from recent highs but remain elevated in 2022. Robust GDP growth, higher employment and net migration will support demand.
- In 2023 and 2024, the growth in prices will moderate with sales and starts activity remaining above long-run averages. Home ownership affordability will decline with rising mortgage rates and with the growth in prices expected to outpace income growth. Rental affordability is also set to decline from increasing rental demand and low stocks of rental housing.
- The growth in prices will likely continue to be led by markets with already low listings, including Toronto, Vancouver, Montreal and Ottawa.
- Supply constraints on construction will continue to impact major centres and especially Vancouver and Toronto, highlighting the central role of housing supply in determining affordability.
- The Prairie provinces, led by Alberta, will likely see relatively strong sales and starts levels and be stimulated by energy sector investments and higher energy and commodities prices. The growth in prices is predicted to remain below the national average reflecting more balanced supply conditions than in other regions.
- Ontario, Quebec, and British Columbia will likely see the strongest price gains in 2022. This will largely reflect tighter supply constraints than in the rest of Canada. The growth in prices in these provinces is expected to slow by the end of 2024.
- The Atlantic region will likely see continued upward pressure on housing activity and growth in prices from high inter-provincial migration. The level of home prices will remain relatively low in comparison to the overall Canadian average.
Sam Ansari
Principal Mortgage Broker,
Lic# M08009393
Centum Liberty Mortgages
Lic# 12088
📲: 416-356-6310
☎ /🖨: 905-881-4990 Ext:102
📬: 7191 Yonge Street
Suite 505, Thornhill,
ON L3T 0C4