High demand and low supply continued to characterize Vancouver’s and Toronto’s housing markets throughout 2016 as competition from buyer’s from limited inventory of single-family homes pushed prices higher.<\/p>\n
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.<\/p>\n
Regional markets in close proximity to Canada\u2019s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (\u201cmove-over\u201d 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).<\/p>\n
The RE\/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.<\/em><\/p>\n For the full report please click here:\u00a0RE\/MAX Housing Market Outlook in Canada for 2017<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" High demand and low supply continued to characterize Vancouver’s and Toronto’s housing markets throughout 2016 as competition from buyer’s from limited inventory of single-family homes pushed prices higher. The average … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[67,19,23,20,57,13,18,55,31,73,87,9,2,68],"tags":[53,54,4,3],"_links":{"self":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/190"}],"collection":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/comments?post=190"}],"version-history":[{"count":6,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/190\/revisions"}],"predecessor-version":[{"id":197,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/posts\/190\/revisions\/197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media\/191"}],"wp:attachment":[{"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/media?parent=190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/categories?post=190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joshmulherin.com\/blog\/wp-json\/wp\/v2\/tags?post=190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}