Purrfect Properties Blog

2018 RE/MAX Housing Market Outlook for Canada


Summary:
*48% of potential homebuyers plan to purchase in the next 5 years
*Condo demand and prices spikes in Greater Toronto and Vancouver in 2017 while single family home sales and prices dropped in both of these markets
*More lateral move buyers left large urban centers in favour of lower prices and more amenities resulting in substantial price growth particularly outside of Toronto and Vancouver
*Edmonton and Calgary saw stabilizing oil prices boost housing demand and prices


*Overall market activity was up before the new mortgage ‘stress test’ kicks in on January 1, 2018 yet the ‘stress test’ is expected to slow activity in early 2018 and may disqualify up to 10% of homebuyers with down payments of 20% or more
*This may prompt buyers to turn their ‘champagne wishes’ into ‘beer budgets’ or to delay their purchases
*Forecast of home prices to increase in Canada by 2.5% in 2018

Comments

comments

Tags: , , , , , , , ,