{"id":362,"date":"2015-12-10T10:15:14","date_gmt":"2015-12-10T18:15:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=362"},"modified":"2015-12-10T10:15:52","modified_gmt":"2015-12-10T18:15:52","slug":"the-average-canadian-home-price-will-still-rise-in-2016-heres-why","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/the-average-canadian-home-price-will-still-rise-in-2016-heres-why\/","title":{"rendered":"The Average Canadian Home Price Will Still Rise in 2016, Here\u2019s Why"},"content":{"rendered":"

A global real estate company is forecasting the average Canadian home sale price will climb next year despite the impact of lower oil prices on the housing market.<\/p>\n

\u201cWhile we expect to see some home price decreases, particularly in regions that rely on the oil and natural resource sectors, strong demand in Canada\u2019s urban centres is expected to continue throughout next year,\u201d said Gurinder Sandhu, RE\/MAX\u2019s CFO, in a statement.<\/p>\n

In its 2016 Housing Market Outlook report, RE\/MAX has average national home price growth pegged at 2.5% for 2016, with cities in Ontario and British Columbia posting the strongest gains.<\/p>\n

For the Greater Toronto Area, RE\/MAX predicts the average home price to climb 5% to $653,258 next year. In Greater Vancouver, price growth of 7% to $1,013,665 is anticipated.<\/p>\n

This year, RE\/MAX noted a \u201cspillover effect from the price increases in Greater Vancouver and the Greater Toronto Area\u201d in regions surrounding these markets.<\/p>\n

It appears the franchisor expects this trend to continue. Forecasted price appreciation in two markets near the GTA \u2014 Barrie and the Hamilton-Burlington area \u2014 is considerably above the national average.<\/p>\n

RE\/MAX predicts the average home price in Barrie will increase 5%, bringing prices up to $362,303 and rise 4.3% in Hamilton-Burlington to $455,270.<\/p>\n

Areas surrounding the Greater Vancouver Area are also expected to outpace national price growth, albeit more modestly, with appreciation in Fraser Valley and Victoria forecasted to hit 3% and 2.7%, respectively. Such growth would bring the average price of a home to $566,706 in Fraser Valley and $590,525 in Victoria.<\/p>\n

As Sandhu, RE\/MAX\u2019s CFO, noted, low oil prices have taken their toll on markets dependent on the energy industry and this downward impact on sale prices will persist next year, said Elton Ash, a regional executive vice president for RE\/MAX of Western Canada.<\/p>\n

\u201cWith oil price volatility continuing to make buyers feel uncertain, we do expect the average sale price to decrease next year, by 3.5% in Edmonton and four per cent in Calgary,\u201d he said in a statement.<\/p>\n

The Average Canadian Home Price Will Still Rise in 2016, Here\u2019s Why<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"

A global real estate company is forecasting the average Canadian home sale price will climb next year despite the impact of lower oil prices on the housing market. \u201cWhile we … [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-362","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Average Canadian Home Price Will Still Rise in 2016, Here\u2019s Why • 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\/2015\/12\/the-average-canadian-home-price-will-still-rise-in-2016-heres-why\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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