so starting in 2022 what's going on in the housing market
is the market shifting from sellers market to buyers market let's see the stats
Canadian home buyers face record listing shortages to beginning 2022. hi I am Koko Kenny with eXp at
the cherry blossom realty home sales recorded over Canadian MLS systems inched up 0.2 percent
between November and December do you remember nine percent jump in activity in October 2021
and we are still 0.2 up since then so we are still in sellers market nationwide the actual number of
transactions in December 2021 came in 9.9 below the record for that month set in 2020 but the
number of newly listed properties were down 3.2 percent from November to December and this is a
crazy record the number of residential properties traded through Canadian MLS system in 2021 666
000 and 995 this number is way above the previous annual record set in 2020
by more than 20 and standing 30 percent above the average of the last 10 years
bidding war multiple offers are everywhere nationwide with the housing supply issues facing
the country having only gotten worse to start 2022 take any decline in sales early in the year with
a grain of salt because the demand hasn't gone away there just won't be much to buy until a
little later in this spring said Cliff Stevenson chair of CREA but when those listings eventually
start to show up the spring market this year will almost certainly be another headline grabber if
you're thinking about jumping into the market as early a buyer seller or both your local realtor
has the information and the guidance you will need to navigate the market in these unprecedented time
continued Stevenson there are currently fewer properties listed for sale in Canada than at
any point on record said Shaun Cathcart CREA's senior economist so unfortunately the housing
affordability program facing the country is likely to get the worst before it gets better
policy makers are starting to say the right things but now they have to act to change this course we
are on an aggressive national push to build more homes is what will address the issue but it will
probably have to be greater amount of building than anything we have ever undertaken a touch
over the stats core won't cut it another indicator for a strong seller's market is it's called
absorption rate this is a supply and demand ratio for example when we have 50 homes on the market
and sell five homes we have five months of supply experts indicate when we have less than
5 months of inventories we are in the seller's market and listen to this stat there were just
1.6 absorption rate nationwide at the end of December no wonder why the buyer is having a hard
time to find their dream home looking across the country year-over-year price growth went up above
25 in bc single-digit gain in Alberta and the Saskatchewan about 12 percent gain in Manitoba 30
over in Ontario 20 over in greater Montreal while Quebec city was only half of that and the
price growth is running above 30 in New Brunswick while newfoundland and Labrador is now at 11 year
over year real estate tip for buyer is not to be discouraged when your offer doesn't get accepted
talk to your trusted local realtor and get the local market conditions
and discuss a strategy for how to get your dream home I am Koko Kenny with a Cherry Blossom Realty
putting color back into real estate and remember when you love what you do people love what you do