Canadian Real Estate News: From west to east, a look at projected house price gains across Canada

Home sales, prices to rise

Canada Mortgage and Housing Corp. has released a new report with everything you could possibly want to know about projected sales and prices across the country, forecasting a “steady” showing nationwide next year, followed by “some moderation” in 2016.

Housing starts in Canada, it predicted today, will range next year from 172,800 to 204,000, and in 2016 from 168,000 to 205,800.

Resales next year will come in between 457,000 and 507,300, and in 2016 between 448,000 and 508,000.

Prices are particularly interesting.

Average prices this year, which, of course, differ widely across Canada, are expected to range from $401,600 to $405,400, which means a so-called point forecast of $404,800.

Next year, according to CMHC, prices will be between $403,600 and $417,800, for an increase in the point measure to $410,600.

Then in 2016, expect prices to range between $407,300 and $424,500, or a point forecast of $417,300.
West to east, here’s what CMHC forecasts in terms of average prices:

• British Columbia: Average resale price to rise to $566,300 in 2015 and $573,000 in 2016.
• Alberta: Average to rise to $407,800 and $417,500.
• Saskatchewan: Average to rise to $303,000 and $309,300.
• Manitoba: Average to rise to $272,600 and $278,800.
• Ontario: Average to rise to $435,900 and $443,800.
• Quebec: Average to rise $270,800 and $276,600.
• New Brunswick: Average to dip to $161,500 and $161,000.
• Nova Scotia: Average to rise to $216,000 and $217,000.
• Prince Edward Island: Average to slip to $157,000 in both years.
• Newfoundland and Labrador: Average to rise to $294,000 and $298,000.

These findings, of course, mask the wide ranges from city to city, which CMHC also looked at.

For example, the average in Calgary, forecast to jump 5 per cent this year to $459,000, should rise further, to $472,000 in 2015 and $483,000 a year later.

Source: By MICHAEL BABAD, The Globe and Mail,
http://www.theglobeandmail.com/report-on-business/top-business-stories/from-west-to-east-a-look-at-projected-house-price-gains-across-canada/article21379179/

Randy Miller 
Broker  
Re/Max Rouge River Realty Ltd., Brokerage  
905-668-1800 or 905-427-1400
randy@randymiller.ca
http://whitbybrooklinhomes.com