RE/MAX Revises Canadian Housing Outlook
RE/MAX Revises National Price Predictions for 2015
(Map courtesy of remax.ca)
RE/MAX has increased their 2015 national price projection to 3 per cent as high consumer confidence and low inventory fuel home prices in Toronto and Vancouver. Low inventory in Vancouver and Toronto continue to drive prices as buyers find themselves in competition over the low supply of single-family homes. The average residential sale price in Toronto and Vancouver at the end of the first quarter grew 8 per cent and 7 per cent, rising to $594,827 and $874,869, respectively. In both markets, first-time buyers find themselves in competition with downsizers and investors with more resources to outbid. Condominiums are the only affordable option for many local residents looking to enter the market.