This report covers the real estate predictions as well as the mortgage predictions
Market predictions for the Ottawa Market 2022 and into 2023
Patrick Walchuk gives you the predictions of where the Ottawa Market will go, as well as some information about the rental market, immigration and employment in the area. Sales are expected to slow in 2022, before picking up again in 2023.
We expect house prices to increase in 2022 and 2023, but these increases will be more modest than we've seen in recent years.
0:25 Unemployment affects rental market dispoportionately
1:10 15 - 24 year olds lose most jobs
1:27 Sales growth and demand remains robust, but supply limits growth
1:43 Home sales slow in 2022, picking up again in 2023
2:16 More modest growth in 2022 and 2023
2:26 More sales of lower priced condos are expected
2:37 Rental Market, vacancy rates will remain above 3.9%
3:10 CMHC House Pricing Chart till 2023
Mortgage Rate Predictions in 2022, how many increases?
Marc Menard gives you a look at where he thinks mortgage rates will go in 2022 as well as how many increases he expects the BOC to make, all based on other factors such as inflation, economy and those type of things.
Inflation is at 4% right now which is an 18 year high. Economists and the banks predict that mortgage rates will increase when inflation drops to around 2%.
Our best guess as to how many times they raise the rate in 2022 would be two, with a 0.25% increase each time.
Bank Prime being 2.45%, will go up to around 2.7%, which would increase the variable rate by 0.25%.