{"id":6234,"date":"2017-06-21T10:10:45","date_gmt":"2017-06-21T17:10:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6234"},"modified":"2017-06-16T09:55:45","modified_gmt":"2017-06-16T16:55:45","slug":"housing-forecast-updated","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/housing-forecast-updated\/","title":{"rendered":"Housing Forecast Updated"},"content":{"rendered":"<p style=\"text-align: justify;\">This is what investors need to know about the future of various housing markets.<\/p>\n<p style=\"text-align: justify;\">\u201cNationally, sales activity is forecast to decline by 1.5% to 527,400 units in 2017,\u201d CREA said in its latest Resale Market Forecast. \u201cThis is little changed compared to CREA\u2019s previous forecast at the national level, with an upward revision to the sales forecast for British Columbia offsetting a downward revision to Ontario\u2019s.\u201d<\/p>\n<p style=\"text-align: justify;\">Housing trends will differ among four regions, according to the Canadian Real Estate Association: British Columbia, the Greater Golden Horseshoe Area, oil-dependent provinces and every other market.<\/p>\n<p style=\"text-align: justify;\"><strong>British Columbia<\/strong><br \/>\nThe province, which has lately been defined by Vancouver\u2019s slowdown following the implementation of last year\u2019s 15% foreign buyer tax, is showing signs of recovering from that correction.<br \/>\nAccording to CREA, this is evidence buyer sentiment is improving.<br \/>\nHowever, sales are still expected to decline 9% year-over-year this year.<\/p>\n<p style=\"text-align: justify;\"><strong>Ontario<\/strong><br \/>\n\u201cIn Ontario, evidence suggests that housing market sentiment has similarly cooled following housing policy changes made by the provincial government in April 2017,\u201d CREA said. \u201cTrends for the province are softening, with home sales and price growth in the Greater Golden Horseshoe region slowing.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Oil country<\/strong><br \/>\nSales are still down and supply is up in oil-dependent provinces of Alberta, Saskatchewan, and Newfoundland.<br \/>\n\u201cThis has resulted in somewhat softer price trends in the two western provinces and more pronounced price declines in Newfoundland and Labrador,\u201d CREA said. \u201cEven so, activity in Alberta has firmed up compared to the low reached in early 2016 and the balance between supply and demand in the province has been tightening. By comparison, the balance between supply and demand in Saskatchewan and Newfoundland is increasingly favouring buyers.\u201d<br \/>\nAlberta is expected to see a rebound with sales forecasted to jump 10.2% year-over-year. However, they will remain below the 10-year average.<\/p>\n<p style=\"text-align: justify;\"><strong>&#8220;Breakout&#8221; year for other provinces<\/strong><br \/>\n\u201cTo varying degrees, housing markets in Manitoba, Northern and Eastern Ontario, Quebec, New Brunswick, Nova Scotia and Prince Edward Island had a breakout year in 2016, with rising sales drawing down previously elevated levels of supply,\u201d CREA said. \u201cSo far this year, more balanced market conditions have remained in all of these regions.\u201d<br \/>\nManitoba (+0.3%) and Nova Scotia (-0.4%) are expected to see steady performance this year compared to last.<br \/>\nIncreases are projected in Quebec (+3.6%) and New Brunswick (+1.9%) year-over-year.<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/housing-forecast-updated-226996.aspx\" target=\"_blank\" rel=\"noopener\">Housing Forecast Updated<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is what investors need to know about the future of various housing markets. \u201cNationally, sales activity is forecast to decline by 1.5% to 527,400 units in 2017,\u201d CREA said &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/housing-forecast-updated\/\">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-6234","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>Housing Forecast Updated &#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\/06\/housing-forecast-updated\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Forecast Updated &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"This is what investors need to know about the future of various housing markets. \u201cNationally, sales activity is forecast to decline by 1.5% to 527,400 units in 2017,\u201d CREA said &hellip; 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