From RE/MAX and BGM Real Estate Team – Canada’s Housing Market Outlook for 2017
HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.
The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.
Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move- over” buyers) who are looking to nd a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).
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The RE/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.
THE HOUSING MARKET IN CANADA’S CAPITAL REMAINED STABLE IN 2016 WITH MODEST INCREASES IN BOTH THE NUMBER OF SALES AND THE AVERAGE RESIDENTIAL SALE PRICE.
The average residential sale price grew one per cent year-over-year, from $367,632 to $370,940. The number of sales between January and October rose to 13,834 in 2016 compared to 12,964 during the same period in 2015. For more information, please call the BGM Real Estate Team at 613-558-8000!