The 2021-2022 period saw a truly remarkable transformation within the real estate industry.
The Bank of Canada's increasing policy interest rate to bring inflation back to target meant that mortgage rates could rise and hit homeowners hard.
To counteract this, interventions by both the federal and provincial governments were heavily relied on to cushion households from the financial shock. With relaxed pandemic safety protocols in 2022, buyers gained renewed confidence in the market, driving tremendous interest in buying or selling property.
Furthermore, technological advancements such as smart devices put more powerful tools at the fingertips of those who do business in real estate, providing greater convenience for those with a keen eye on the market.
Finally, efforts were made to introduce greater diversity, equity and inclusion into the sector following years of research and discussion around discrimination present in real estate transactions – something that will no doubt continue well into 2022 and beyond!
