There’s no doubt that 2022 will continue to be a seller’s market, according to recent real estate statistics. Orangeville is still experiencing very high demand and extremely limited housing supply, which is expected to push Orangeville property prices up by as much as 10% in 2022.
Within Orangeville’s hot residential market, which has seen particularly high demand since the start of the Covid-10 pandemic, all housing saw year-on-year increases in property values:
- Detached homes had the biggest average increase from $804,671 in 2021 to $1,174,628 in 2022 (+45%)
- Semi-detached houses rose from $615,500 to $839,350 (+36%)
- Freehold townhouses climbed from $670,875 to $893,667 (+33%)
- Condo townhouses increased from $499,000 to $622,750 (+24%).
Properties are also selling very quickly in this market. In 2021 the average number of days for a property to be on the market was 19. However in 2022 the average number of days of market is only 8.
Despite the highly competitive market, studies indicate that rising home prices are still not a deterrent to determined buyers. Cities across Ontario (and indeed much of Canada) are seeing year-on-year increases in housing markets in the range of 4% to 20%. Orangeville should see this upward trend to continue throughout 2022 with an up to 10% increase in property values.
If you’re thinking of selling or dreaming of buying, contact our experienced team of realtors at Kiss Realty to discuss your real estate goals.