Outlook for 2017

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The growing trend of major housing markets in Canada is low supply driving prices further out of reach for new buyers and single families. Although demand remains high in urban settings, the new 15 per cent foreign-buyer tax and firmer mortgage rules being set by the government, along with a few other factors will cool off the market in 2017. A ripple effect of the foreign-buyer tax will impact the upper end of the GTA and Montreal markets as these areas often attract foreign investors.

On the other end of the spectrum of cities like Toronto and Vancouver, regions including Regina, Montreal and Saint John are faced with high levels of inventory, inversely affecting prices. While the volume of purchases rose ever so slightly in Regina, residential sale price declined from $319,857 to $318,785.


As affordability becomes a thing of the past, home ownership remains a top priority of Canadians; 47 per cent of the population has expressed an interest in purchasing a home within the new five to 10 years. Moreover, a portion of this population is even willing to take on unconventional home financing options to attain their dream of owning a house. RE/MAX has predicted a increase of two percent in the 2017 average residential sale price for Canada. In other words the market is likely continue to sizzle into the new year.


Taken from: http://blog.remax.ca/canadas-housing-market-outlook-for-2017/

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