The Canadian Real Estate Association (CREA) recently stated that they expect average national home prices to increase by 1.4% in 2016 to an average cost of $448,700 with Ontario leading the other regions at an increase of 2.9%. Though the average home prices in Alberta, Saskatchewan, and Newfoundland and Labrador are expected to fall, the national average will still be up. Canada’s most expensive markets: Toronto and Vancouver will see a slightly negative effect due to the newly announced federal reforms to mortgage rules. CREA Chief Economist Gregory Klump says that the higher end market will be impacted the most from these federal changes, specifically for homes that sell for over half a million dollars. Even with these negative factors, the national average will be on the rise again suggesting 2016 will be another record breaking year.
The Canadian Real Estate Association 2016 Housing Forecast can be viewed here (crea.com).
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