With a light dusting of snow, the hustle and bustle of holiday shoppers around us, and the scent of fresh baked cookies in the air, it is clear that the holiday season is upon us. Not only is this the season for celebrating, it is a season for giving and reflection. It is the perfect time to look lack on the year behind you, and make predictions about the year ahead and luckily, the 2017 Housing Market Outlook Report is here to help!
About the 2017 Housing Market Outlook Report
The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.
Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move- over” buyers) who are looking to find a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).
NEW for the 2017 Housing Market Outlook Report!
In an effort to ensure these reports are always useful to you and your business, we have introduced a few new and exciting things in our latest report. Not only can you share the report directly from the RE/MAX Canada blog, but you have access to regional and Canada wide shareable resources, and you can see below for an example of the all-new single page layout!
How to Use the Report:
RE/MAX Reports are distributed throughout the year and are designed to educate the public and our network on industry insights. A full download of the report and press release are always available on remax.ca.
- Provide a copy of the report in your listing presentations
- Make a copy available at your next open house
- Ensure a copy of the report is available for clients to browse at your office
- Share with your network via email
- Encourage clients to view the report on social media