Buying a home in Oakville will increase by 7.5 per cent in 2022
Published December 3, 2021 at 11:58 am
If you’re looking to buy a home in Oakville in 2022, you better be ready to reach deep into your pockets.
According to a recent report from RE/MAX looking at what the price of homes will be in the coming year, Oakville tops the list as the most expensive place in Ontario to buy real estate.
The broker network predicts that the average residential cost will increase by 7.5 per cent setting the price for a home at a hefty $1.696,645.63.
Costs of a home continue to rise across the country, which RE/MAX says is in large part due to a pair of significant factors.
The continuous housing supply shortage and more and more people moving between provinces have pushed prices up.
Despite the global pandemic, Re/Max estimates that average residential sale prices across the country will go up by 9.2 per cent.
“Less-dense cities and neighbourhoods offer buyers the prospect of greater affordability, along with liveability factors such as more space,” says Christopher Alexander, President, 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.”
York Region followed Oakville on the most expensive list with a price of an average house expected to cost $1,403,767.20, an increase of 10 per cent.
Thunder Bay will be the home to the cheapest houses with prices at an average of $300,685.73.insauga's Editorial Standards and Policies advertising