“For our 2015 forecast, we could not ignore the potential impact of the steep decline in the price of oil on housing markets across Canada,” said Phil Soper, president and chief executive of Royal LePage.
“In the immediate term, we anticipate that the natural slowing of home price appreciation we called for in the third quarter of 2014 will be delayed in Central Canada and accelerated in the West by recent developments in the energy sector.”
For the first half of 2015, Royal LePage expects a confluence of factors and the lower cost of oil to support continued positive price momentum in the Greater Toronto Area (GTA)
, which should experience the highest major market price increases.
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Despite warnings of an overvalued housing market and plunging oil prices, a new report suggests that home prices across Canada will increase by 2.9 per cent in the year ahead.