The Canadian Real Estate Association recently updated its resale home sales activity forecast for 2016 and 2017.
According to the Canadian Real Estate Association, “Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of 2016 amid a growing supply shortage of single family homes in British Columbia and Ontario, particularly in B.C.’s Lower Mainland as well as in and around the Greater Toronto Area (GTA).”
Sales activity across the country is expected to increase to a new annual record of 523,400 units, and increase of 6.1 per cent. The average sale price for a home in Canada has been adjusted to $490,700 this year, which is an increase of 10.8 per cent.
The Canadian Real Estate Association also says that Ontario’s average home price should increase roughly in line with the national average, while British Columbia will be the only province where sales increase at a rate above the national average.