Real estate firm increases house price forecast for Greater Toronto Area in 2022
Royal LePage is raising its forecast for 2022, despite some signs suggesting that the real estate market might finally be moderating after a frenzied run up in prices during the COVID-19 pandemic.
The real estate brokerage had initially forecast Canadian home prices to rise by 10.5 per cent in 2022 but it now says that it expects prices to be up 15 per cent by the fourth quarter of 2022, driven by a continued acceleration in the Greater Toronto Area.
The adjustment is being partially attributed to a record breaking first quarter, in which the average price of a Canadian home rose 25.1 per cent year-over-year to $856,900.