Below is an article I just read from Canadian Real Estate Wealth. I always find predictions to be interesting. I have included the article below, and am interested to see if these predictions, like my last blog post come to fruition. My hope is to acknowledge predictions each year, and review these predictions at the end of each year to be able to understand consistent and inconsistencies with those predicting our futures. Please read below, and enjoy the ride!
The average national sale price is expected to hit $448,700 this year, an increase of 1.4% year-over-year, a far cry from the 8.4% year-over-year increase experienced in 2015.
Of course, not all regions will experience the same trends.
“It’s kind of like asking what’s the overall weather for Canada. It really depends on where you are,” Gregory Klump, chief economist for the Canadian Real Estate Association, told Yahoo Canada News. “The biggest thing to bear in mind is that when you hear about the Canadian housing market, you have to ask yourself where.”
Ontario is expected to experience the most price growth (+2.9 per cent) due to an listings shortage for single family homes. That will be exacerbated by the strong demand for those homes within the GTA, according to CREA.
“British Columbia and Manitoba are forecast to see average price gains of about two per cent in 2016, followed by Nova Scotia and Prince Edward Island in the 1.5 per cent range, and by Quebec and New Brunswick with increases of less than one per cent,” CREA wrote.
As for sales, British Columbia is expected to experience the largest annual increase in sales activity in 2015 (+21.4 %), while Alberta (-21.4 %), Saskatchewan (-10.8 %), and Nova Scotia (-5.1 %) will record annual sales declines, CREA wrote in its most recent housing market forecast. Manitoba, meanwhile, is expected to see a 2.3% increase this year.