Canadian house prices are expected to continue to increase in 2018, a new forecast has revealed.
According to the 2018 RE/MAX Housing Market Outlook, average residential sale price expectation for Canada is an increase of 2.5 per cent in 2018 as the desire for home ownership remains strong, particularly among Canadian millennials.
According to a survey conducted by Leger on behalf of RE/MAX, the appetite for home ownership remains strong in Canada. Roughly half of the Canadians (48 per cent) surveyed are considering the purchase of a home in the next five years. Of those who are considering purchasing a home, the top three reasons for doing so are to upgrade their current home, to purchase a starter home as a means of entering the housing market and to upsize from their current home to accommodate a change in family make-up.
The survey also found that access to outdoor spaces was a key factor for many Canadians when considering purchasing a home, with 87 per cent agreeing that access to green space was important to them and 82 per cent agreeing that having a backyard was important.
In order to find a balance between the home features they’re looking for and affordability, many buyers are looking at real estate markets outside of the country’s largest urban centres â€“ particularly Toronto and Vancouver. Over the past 12 months there have already been considerable year-over-year average price increases in smaller towns and cities such as Kelowna (9 per cent), London-St. Thomas (18 per cent), Hamilton-Burlington (15 per cent), Barrie (19 per cent), Durham Region (19 per cent), Niagara (23 per cent), Kingston (8 per cent), and Ottawa (9 per cent).
Those living in Alberta were particularly keen on purchasing a new home at some point in the next five years, with 60 per cent of Albertans declaring an interest in doing so. In Atlantic Canada, however, only 38 per cent expect to buy in the next five years.
Article published 10th December 2017