What a Year! December 2021 market Commentary

With the winter holidays just around the corner, I have been taking some time to reflect on the year we've had. It’s incredible to think that only a year ago the average sale price of homes in Hamilton was $686,820 and this year it has gone up $200k to $864,474, and the average detach home is now just shy of a million dollars.

Prices grew at a much faster rate in smaller towns near populous urban centres reports CREA and COVID-19 has also increased the demand for homeownership outside large cities as many people now have the option to work from home.

What to expect in 2022? Expect buyers who were outbided in 2021 to re-enter the market next year, demand for housing will get a boost as immigration begins to flow again and the economy shows signs of recovery.

Interest rates are expected to rise, but the impact on housing prices are expected to be modest. The likely scenario for 2022 is an increase in housing prices, with demand continuing to outpace supply.

Read the statistics released for 2022 by the Canadian Real Estate Association CRA and get the Novemeber market stats for Hamilton and Toronto RAHB and TREB .

Considering a move in the New Year? Let's have a conversation. As always, I am happy to answer any questions you may have about the market or your current home. Please feel free to get in touch me.

Have a fantastic holiday season!