A new outlook report from RE/MAX highlights the increased interest in the more affordable markets around the Greater Vancouver and Greater Toronto areas.
Canada’s two hottest markets have seen divergence of the single-family and condo markets as supply and policy issues makes condos a more affordable option.
But the incoming tightening of mortgage underwriting rules will moderate the market, at least in the first half of 2018.
“Following increased fall market activity in some regions, we anticipate the new mortgage stress test to slow activity across Canada during first few months of 2018,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Based on conversations with RE/MAX brokers, we anticipate the greatest impact of decreased buyer purchasing power to be in Victoria, Greater Vancouver, Kelowna, North Bay, London-St. Thomas, Barrie, Hamilton-Burlington, the GTA, Durham Region, Kingston, Ottawa, Halifax and St. John’s.”
The report forecasts that Calgary’s housing market should continue to recover especially with the new Amazon distribution facilities being sited there.
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Canadian home prices are set to gain 2.5% in 2018 as demand spreads to markets outside the major cities.