Market Update: North America Real Estate Forecast 2022

Zillow’s 2022 housing forecast expects a “strong long-term outlook” driven by continued demand and limited availability of supply.

“The strong long-term outlook is driven by our expectations for tight market conditions to persist, with demand for housing exceeding the supply of available homes.” Says the report.

United States
Zillow is predicting that home prices across America will climb 13.6% year-over-year, starting October 2021, in addition to last year’s 19.5% price increase from December 2020 to December 2021.

Realtor.com’s 2022 Housing Forecast reports that a seller’s market will continue across America with first-time buyer demand outmatching inventory.

Canada
RE/MAX 2022 Canadian Housing Market Outlook Report expects Canadian real estate prices to increase 9.2% in 2022 from continued high demand from “provincial migration” trends and low inventory, despite market cool-down.

The total home sales for the year are estimated to have increased by 8.5% compared to 2020, with 6.12 million sales.

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Sources:
Zillow October 2021-October 2022 Home Value & Sale Forecast
Realtor.com® 2022 Housing Forecast Reveals A Whirlwind Year Ahead for Buyers, Especially First-Timers
Canadian Real Estate Prices Expected to Rise 9.2% in 2022: RE/MAX