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