The Canadian Real Estate Association has updated it’s forecast for resale housing through to 2016.
“The forecast for national average home price growth has been revised upward to $429,400 for an annual increase of 5.2 per cent in 2015. This reflects forecast average price gains in British Columbia and Ontario together with a projected increase in their proportion of national sales. British Columbia is expected to be the only province where average price rises faster (8.5 per cent) than the national average, while the rise in Ontario’s average (5.6 per cent) is predicted to be roughly in line with the national increase,” said the Canadian Real Estate Association in a press release.
They continued, “Average prices are projected to remain largely stable in other provinces this year, with annual changes ranging between plus or minus one per cent.”
In 2016, the average price is forecast to increase by 1.7 per cent to $436,700, with larger price increases in Ontario. In fact, the strongest price growth is expected for Ontario due to the Greater Toronto Area.