Industry News

Canadian real estate prices expected to moderate in 2006

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

After shattering records in 2005, home prices in Canada are expected to moderate in most major centers next year, according to a report released today by RE/MAX Ontario-Atlantic Canada and RE/MAX of Western Canada. The RE/MAX Housing Market Outlook 2006 report found that the vast majority of major Canadian markets surveyed are expecting modest price appreciation ranging from 2 percent to 5 percent in 2006. The only exceptions are Vancouver, Kelowna, and Calgary, all of which are forecast to experience price increases of about 10 percent next year, the companies reported. Projections for average prices range from no increase in London-St. Thomas, Ontario, to a high of 10 percent in the Western Canada markets. Home sales in all but seven markets (Victoria, Kelowna, Toronto, London-St. Thomas, Kitchener-Waterloo, Montreal and Halifax) are expected to either exceed or hold steady with record 2005 levels. Nationally, home sales are forecast to climb 2 percent by year-end 2005, to 472,1...