Recently, the Canadian Real Estate Association updated its resale housing forecast for the remainder of 2015 and later into 2016.
“Home sales in Ontario are projected to rise by 9.3 per cent in 2015,” said the Canadian Real Estate Association in a statement. “The increase would in all likelihood be higher were it not for a shortage of low rise homes available for purchase in and around the Greater Toronto Area.”
Overall, national home sales are expected to increase by five per cent to 504,000 units, while the national average home price is expected to be $442,600.
Activity in Ontario and British Columbia is expected to be higher than previously anticipated, particularly in the Greater Toronto Area and the Greater Vancouver Area. However, the Canadian Real Estate Association also said, “Recently announced changes to mortgage regulations that take effect early next year risk cooling housing markets beyond Greater Vancouver and the GTA, their intended targets.”
For the full housing forecast, see the complete statement from the Canadian Real Estate Association here.