Phil Soper, President and CEO of Royal Lepage, said: “Everywhere, in our largest urban centers, and in the country’s small and medium-sized towns and cities, new homes are not being built to meet growing demand. ” “In addition to slow and costly regulatory processes burdening builders, construction has been hampered by pandemic-specific challenges, including labor shortages and increased cost of construction materials as suppliers struggle with supply chain issues . Some developers are hesitant to commit to new projects. ,
biggest advantage ahead
For investors looking to enter the housing market now, there are several options for the best return on investment.
The Royal Lepage Market Survey forecast puts year-on-year growth at 11% for the Greater Toronto Area (GTA) for Q4, 2022, followed by Greater Vancouver Area (GVA) at 10.5% and Halifax at 10%.
Of these three, Halifax offers the lowest price to enter the market at less than $485K (based on Q4 2021), compared to approximately $1.3 million for GVA and $1.1 million for GTA.
Although Ottawa is also forecast to grow 9% year over year to $739,740 by Q4 2022, the Greater Montreal area could see an 8% gain from $532,600.