Just Released: 2018 Royal LePage Market Survey Forecast – Continued Growth to Continue in 2018
Key highlights from the national release include:
- The Royal LePage House Price Composite, which measures home prices in 53 key Canadian cities, is expected to increase 4.9 percent by the end of 2018 to $661,919, in the face of a series of measures aimed at affordability challenges in Greater Vancouver and the Greater Toronto Area.
- Royal LePage anticipates that the incoming OSFI stress test will slow the housing market, particularly in the first half of 2018, as buyers adjust both their expectations and finances. With a large number of existing homeowners potentially failing the test when refinancing next year, a temporary reduction in consumer confidence may further stagnate price growth as potential buyers and sellers take a ‘wait and see’ approach.
- Seventy-six per cent of Royal LePage agents who offer rental services in the Greater Toronto Area saw a year-over-year increase in multiple offers and 68 per cent of those respondents cited affordability as a barrier to homeownership as the number one factor driving rental demand. In Greater Vancouver, 59 per cent of respondents servicing the Vancouver area saw a year-over-year increase in multiple offers for rentals. As a result, the pipeline of potential homebuyers is growing and this growth trend is expected to continue through 2018.
Read more from this link: https://www.royallepage.ca/en/realestate/news/new-osfi-stress-test-set-to-limit-national-home-price-appreciation-in-2018/#.WjEflrT81R0
Contact us today for all your Real Estate needs. Kathy & Dave – “Strength in Teamwork”. See our blog: www.kathyanddave.ca
If you’re interested in learning more about the current housing market in the Niagara region, we would be happy to have a chat with you and answer any questions you may have. Come in for a visit or give us a call! It would be our pleasure to show you how selling your home in the current market could increase your financial gain.