{"id":4551,"date":"2017-01-18T11:11:21","date_gmt":"2017-01-18T19:11:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4551"},"modified":"2017-01-20T13:25:41","modified_gmt":"2017-01-20T21:25:41","slug":"2017-will-be-a-return-to-normal-for-the-canadian-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/2017-will-be-a-return-to-normal-for-the-canadian-housing-market\/","title":{"rendered":"2017 Will Be A Return to Normal for The Canadian Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">This year won\u2019t be a repeat of 2016 for the Canadian housing market \u2014 and that\u2019s for the best, says one of Canada\u2019s major real estate franchisor.<\/p>\n<p style=\"text-align: justify;\">A tumultuous dynamic of enormous price growth in some major markets and depreciation in others came to define 2016, but a levelling off will occur in 2017, according to Royal LePage\u2019s Market Survey Forecast, released today.<\/p>\n<p style=\"text-align: justify;\">\u201cEconomic drama put real estate at the forefront of everybody\u2019s mind last year, from the prime minister to the recent grad,\u201d said Phil Soper, Royal LePage\u2019s president and CEO, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cIn 2017, we anticipate a movement away from the regional extremes of real estate feast and famine \u2014 and that is a very good thing,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">On a national level, here\u2019s what Royal LePage forecasts this trend will look like: the aggregate price of a Canadian home, which includes condos and houses, will rise 2.8% annually, down from this year\u2019s soaring 13% increase.<\/p>\n<p style=\"text-align: justify;\">The tepid national price gains for 2017 will largely be a result of an expected correction for Greater Vancouver, a downturn that Royal LePage says will bring home prices in the region back to where they were in April 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cEroding affordability in BC\u2019s Lower Mainland has reached unsustainable ground,\u201d said Soper. \u201cThis, coupled with recently introduced policy measures and lower sales volumes, has put visible downward pressure on home prices,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">While one of 2016\u2019s hottest markets isn\u2019t forecast to have a followup performance this year, Royal LePage\u2019s outlook for another, the Greater Toronto Area, is decidedly more upbeat.<\/p>\n<p style=\"text-align: justify;\">\u201cUnlike Vancouver, where a price correction is underway, there is no relief in sight for the GTA \u2014 forward momentum and supporting fundamentals in the region are strong,\u201d said Soper.<\/p>\n<p style=\"text-align: justify;\">Royal LePage anticipates home prices will continue to climb this year in Ontario\u2019s largest housing markets, with double-digit growth in the GTA.<\/p>\n<p style=\"text-align: justify;\">Markets in Quebec, Atlantic Canada and Alberta will also help pick up the slack as the Greater Vancouver market wilts, suggests Royal LePage.<\/p>\n<p style=\"text-align: justify;\">Alberta\u2019s housing market, weakened by lower oil prices and energy-industry job losses, won\u2019t fully bounce back this year. But the worst has already passed, suggests Soper, calling 2016 \u201cthe bottom for this correction phase of the cycle.\u201d<\/p>\n<p style=\"text-align: justify;\">Soper\u2019s call is based on an oil outlook that is in line with what notable energy industry observers are calling for.<\/p>\n<p style=\"text-align: justify;\">\u201cWe base our outlook not on a sharp increase in the value of oil, but upon maintaining a $50\/barrel floor, allowing the energy industry to move into modest growth mode,\u201d said Soper.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/01\/2017-return-normal-canadian-housing-market.html\" target=\"_blank\">2017 Will Be A Return to Normal for The Canadian Housing Market<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year won\u2019t be a repeat of 2016 for the Canadian housing market \u2014 and that\u2019s for the best, says one of Canada\u2019s major real estate franchisor. A tumultuous dynamic &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/2017-will-be-a-return-to-normal-for-the-canadian-housing-market\/\">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-4551","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2017 Will Be A Return to Normal for The Canadian Housing Market &#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\/2017\/01\/2017-will-be-a-return-to-normal-for-the-canadian-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"2017 Will Be A Return to Normal for The Canadian Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"This year won\u2019t be a repeat of 2016 for the Canadian housing market \u2014 and that\u2019s for the best, says one of Canada\u2019s major real estate franchisor. 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