Canada’s real estate market is one of the country’s most prosperous, and yet tumultuous, industries. From residential to commercial, and even industrial, Canada’s real estate industry in 2022 has been one of the hottest years on the market so far, following in the steps of the saturated market of 2021. However, as dense as this industry continues to be, the resulting growth and investment opportunities it presents to Canadian investors and homeowners continue to be more prevalent than ever.
Experts in the fields of finance and real estate, such as Nicholas Kyriacopoulos, have dedicated their time and experience to developing a holistic and well-informed understanding of the factors that are influenced the current trends in the market, as well as the areas of these industries the market affects, such as mortgage rates across Canada.
2021: A Year in Review
When taking the time to stop and look back at the year of 2021 as a whole, it is immediately clear that this was a ground-breaking year for Canada’s residential real estate market. Much more competitive and tumultuous than the years before, the market quickly became overheated, hitting record highs in prices and sales as the pandemic influenced the pressing concerns of both supply and demand.
This trend continued throughout the entire year and directly into the current year of 2022, showing no signs or intentions of slowing down. However, despite its overheated state and competitive barriers to entry, Canada’s residential real estate market continues to be one of the most prosperous investment opportunities in the country.
Mortgage Rate Predictions & Investing in Residential Real Estate
Despite the ongoing intensity of Canada’s residential real estate market, this industry is one that is full of opportunities, whether to make new investments or refurbish existing ones, for investors and homeowners alike. However, as demand for residential real estate continues to climb and the market continues to rise to the forefront of Canada’s financial industry, mortgage rates in turn are becoming less affordable and adding more strain to an already volatile market.
With the saturation of the market as it exists now, sustainable and affordable housing is at the forefront of the need for change among Canada’s real estate conversations, leading to increased demand and opportunities for financial growth.
What Lies Ahead
As the effects of the pandemic continue to permeate the economy long after their initial onsets, there are a number of opportunities that are rising to become the biggest in the real estate market. One of the most notable of these opportunities that have arisen due, in part, to the pandemic has been the shift in priorities among Canadians from single-family homes to more urban dwellings, such as multi-unit townhouses, condos, and apartment buildings.
Nicholas Kyriacopoulos is sure that this shift is motivated by a number of factors, including a culture more centred around work-from-home lifestyles and the slow but gradual reopening of major offices and workforces. This sliding of the balance among the Canadian public in the post-pandemic society has led to an increased demand for Canadians to find housing in more urban and industrial areas in order to adapt to the shifting realities of the modern world.
