{"id":2715,"date":"2016-07-15T11:11:02","date_gmt":"2016-07-15T18:11:02","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2715"},"modified":"2016-07-13T16:43:12","modified_gmt":"2016-07-13T23:43:12","slug":"what-to-expect-in-canadian-real-estate-for-the-rest-of-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/07\/what-to-expect-in-canadian-real-estate-for-the-rest-of-2016\/","title":{"rendered":"What to Expect in Canadian Real Estate for the Rest of 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">As the dust settles from Brexit, the Bank of Canada will wait longer to hike the overnight rate, encouraging the fevered pace of activity in the country\u2019s hottest housing markets to continue through 2016, says a new Royal LePage report.<\/p>\n<p style=\"text-align: justify;\">\u201cEconomic and social disruptions have rocked the world once again, introducing new risks and making it very likely that the Bank of Canada will leave interest rates as-is for now,\u201d says Phil Soper, Royal LePage\u2019s president and CEO, in a statement.<\/p>\n<p style=\"text-align: justify;\">As a result, the national real estate brokerage is upgrading its outlook for the average price of a Canadian home, including condos and one- and two-storey houses. It now expects it to soar to $563,000 by the end of Q4, up 12.4% year-over-year, according to its latest Market Survey Forecast.<\/p>\n<p style=\"text-align: justify;\">\u201cI believe it is the highest value put forward by any serious forecasting agency since the turn of the century,\u201d says Soper of Royal LePage\u2019s projection.<\/p>\n<p style=\"text-align: justify;\">Growth will be centred in Greater Vancouver and the Greater Toronto Area, with relatively flat or declining prices expected across Canada\u2019s other major markets.<\/p>\n<p style=\"text-align: justify;\">Royal LePage expects Greater Vancouver prices to skyrocket 27% year-over-year to $1,206,000 by the fourth quarter\u2019s close, the most rapid appreciation of all nine markets the report tracks.<\/p>\n<p style=\"text-align: justify;\">At the end of the same period, Royal LePage predicts the average price of a GTA home will reach $718,000, up 14.9% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">\u201cFew industries are as rate sensitive as real estate. We don\u2019t see even a mild correction for either the Toronto or pistol-hot Vancouver markets in 2016,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Previously, Royal LePage had said the Canadian housing market would likely show signs of cooling this year, based on the expectation that interest rates would begin to rise, dampening activity, following a Bank of Canada overnight rate hike.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada sets the overnight interest rate, which influences lending rates for mortgages. (Read a detailed explanation here.)<\/p>\n<p style=\"text-align: justify;\">Already this year, Royal LePage has noted strong price growth in Greater Vancouver and the Greater Toronto Area.<\/p>\n<p style=\"text-align: justify;\">The aggregate price of a Greater Vancouver hit $1,098,599 in Q2, up 24.6% from that time a year ago. Like the forecast figures, the aggregate includes one- and two-storey homes as well as condos. Royal LePage calculates aggregate prices via a weighted average of median home values.<\/p>\n<p style=\"text-align: justify;\">At the second quarter\u2019s end, the GTA aggregate home price was $656,356, an increase of 10.2% over that time last year.<\/p>\n<p style=\"text-align: justify;\">Edmonton, walloped by the effect of low oil prices on energy sector employment, a major supporter of its housing market, is forecast to be the only market to see the average price fall.<\/p>\n<p style=\"text-align: justify;\">At year\u2019s end, the average price of a home in Edmonton is projected to have sunken to $376,700, down 1% from 2015.<\/p>\n<p style=\"text-align: justify;\">\u201cCanada is not one homogeneous housing market, but rather a mosaic of many different real estate stories,\u201d explains Soper.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile low interest rates remain the primary driver of Canada\u2019s sustained real estate market expansion, home price trends are increasingly influenced by local factors, from the lift provided by wealthy immigrants to the drag felt by the depressed energy sector,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">The brokerage franchise, which has more than 600 locations across Canada, is calling for price growth between 1 and 3 per cent in the Greater Montreal Area, Winnipeg, Ottawa, Regina, Halifax and Calgary.<\/p>\n<p style=\"text-align: justify;\">Royal LePage\u2019s Brexit theory echoes comments one observer made following the UK\u2019s recent referendum vote to leave the European Union.<\/p>\n<p style=\"text-align: justify;\">Still others have linked Brexit to a possible influx of foreign capital into Canadian real estate, but Soper thinks if this happens, it won\u2019t really affect the housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cWe anticipate the impact, if any, will be seen in the commercial property sector,\u201d says Soper.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/07\/expect-canadian-real-estate-rest-2016.html\" target=\"_blank\">What to Expect in Canadian Real Estate for the Rest of 2016<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the dust settles from Brexit, the Bank of Canada will wait longer to hike the overnight rate, encouraging the fevered pace of activity in the country\u2019s hottest housing markets &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/what-to-expect-in-canadian-real-estate-for-the-rest-of-2016\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2715","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect in Canadian Real Estate for the Rest of 2016 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/07\/what-to-expect-in-canadian-real-estate-for-the-rest-of-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect in Canadian Real Estate for the Rest of 2016 &#8226; 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