Of course, not all regions will experience the same trends.
“It’s kind of like asking what’s the overall weather for Canada. It really depends on where you are,” Gregory Klump, chief economist for the Canadian Real Estate Association, told Yahoo Canada News. “The biggest thing to bear in mind is that when you hear about the Canadian housing market, you have to ask yourself where.”
Ontario is expected to experience the most price growth (+2.9 per cent) due to an listings shortage for single family homes. That will be exacerbated by the strong demand for those homes within the GTA, according to CREA.
“British Columbia and Manitoba are forecast to see average price gains of about two per cent in 2016, followed by Nova Scotia and Prince Edward Island in the 1.5 per cent range, and by Quebec and New Brunswick with increases of less than one per cent,” CREA wrote.
As for sales, British Columbia is expected to experience the largest annual increase in sales activity in 2015 (+21.4 %), while Alberta (-21.4 %), Saskatchewan (-10.8 %), and Nova Scotia (-5.1 %) will record annual sales declines, CREA wrote in its most recent housing market forecast. Manitoba, meanwhile, is expected to see a 2.3% increase this year.
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The average national sale price is expected to hit $448,700 this year, an increase of 1.4% year-over-year, a far cry from the 8.4% year-over-year increase experienced in 2015.