According to the recent release of RE/MAX's 2015 Housing Market Outlook Report most Canadian regions posted modest gains in average residential sale price in 2014. Prices in residential property markets in Toronto, Vancouver and their surrounding areas, as well as Calgary and Edmonton are expected to increase in 2015:
- 3% in the Greater Vancouver area,
- 4% in the Greater Toronto area,
- 7% in Kelowna,
- 4% Victoria,
- 5% Windsor and
- 6% in Moncton.
Condominiums continued to grow their share of the Canadian market in many regions. In Vancouver and Toronto, higher prices and limited inventory for single-family homes mean that condominiums are becoming a practical choice for many young home buyers looking to enter the real estate market.
The Bank of Canada has hinted throughout 2014 of an interest rate increase in late 2015. Overall, provided an interest rate increase is 'minor' it is not anticipated to have a dramatic effect on the real estate market.
The report says Canada's 2015 economic outlook is stable.
- The Bank of Canada has projected GDP to grow approximately 2.5%, a rate that is roughly similar with 2014's growth.
- Small increases in employment and wages are anticipated as well.
- 260,000 to 285,000 new permanent residents to Canada are expected in 2015.
All of this should positively impact Canada's residential real estate market.
To read the full RE/MAX 2015 Housing Market Outlook Report which includes insights into
major markets across Canada such as Victoria, Greater Vancouver area, Abbotsford, Chilliwack, Kelowna, Calgary, Edmonton, Saskatoon, Regina, Winnipeg, Greater Toronto area, Oakville, Ottawa, Saint John, Moncton, Halifax-Dartmouth, Charlottetown, St. John's and more...CLICK HERE!
Text & Photos:RE/MAX.ca