One major trend to watch next year will be the impact the recent mortgage rule changes will have on various real estate markets.
Expect Canada’s two hottest markets – Vancouver and Toronto – to see subdued growth next year.
According to RE/MAX in its Housing Market Outlook 2017, Vancouver is expected to see an average home price increase of 2%; Toronto, meanwhile, is expected to see an average price hike of 8%.
The rest of Canada’s markets will follow Vancouver’s trend more closely than Toronto’s.
“RE/MAX expects the average home price in Canada to increase two per cent in 2017,” Christopher Alexander, regional director of RE/MAX INTEGRA Ontario-Atlantic Canada Region, said. "Strong demand in Canada’s urban centres is expected to continue throughout next year and into the foreseeable future as almost half of Canadians plan to buy a home in the next five to ten years according to a recent RE/MAX survey.”
Meanwhile, Alberta’s markets are expected to enjoy a slight shot in the arm, following years of subdued growth and recent resilience.
“The housing markets in Alberta’s two largest cities have remained resilient in 2016,” Elton Ash, regional executive vice president of RE/MAX Western Canada, said. “Low oil prices will continue to lead to tempered consumer confidence, but ongoing development projects in Edmonton and the recent approval of the Trans Mountain pipeline are expected to provide a boost to the provincial economy and help keep housing markets relatively stable in 2017.”
As for the rest of Canada, check out the forecasted price changes below.
What can agents expect from the Canadian real estate market next year?