This past week, Re/Max Integra released their Canadian National Housing Outlook. Part of this report is a review of many major economic sectors including the Greater Toronto Area.
Here are some key facts:
- The GTA’s condo market also saw price appreciation of 22 per cent in 2017, as the average sale price for a condo rose to an estimated $523,437, up from $429,241 in 2016.
- According to a survey conducted by Leger on behalf of RE/MAX, the appetite for home ownership remains strong with roughly half of Canadians (48 per cent) considering the purchase of a home in the next five years.
- In order to find a balance between the home features they’re looking for and affordability, many buyers are continuing to look at real estate markets outside of the country’s largest urban centres.
- The new OSFI mortgage qualification rules that come into effect on January 1, 2018 also impacted housing market activity toward the end of this year and are expected to slow activity in real estate markets across Canada in the first part of 2018.
- It is expected that the new mortgage stress test will slow activity across Canada during first few months of 2018 and at the end of November 2017, the Bank of Canada predicted that the new regulations could disqualify up to 10 per cent of prospective home buyers who have down payments of 20 per cent or more.
- The RE/MAX 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials.