Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in homeownership, despite concerns over the European debt crisis and its impact on the global economy, according to this report issued by RE/MAX today.
The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011 – with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011 – including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.
For Toronto, RE/MAX is anticipating that the tight inventory levels of homes for sale in Toronto and Etobicoke along with low interest rates and unrelenting buyer demand will further buoy housing values. The average price is forecast to climb by a further 5%. The condo market will continue is strong upward trajectory, partly supported by investor demand and a tight rental market.
Ask Ralph to show you what all this means for your personal situation. If you are thinking of moving to another part of the country, Ralph can also connect you to leading real estate agents in the community you are interested in.