- This past year saw the single-family detached home and condo markets diverge on distinctly different paths in Canada’s two highest-priced real estate markets: Greater Vancouver and the Greater Toronto Area
- As oil prices continue to stabilize, both Calgary and Edmonton have experienced modest average residential sale price increases in 2017
- The new OSFI mortgage qualification rules that come into effect on Jan. 1, 2018 impacted housing market activity toward the end of this year and are expected to slow activity in real estate markets across Canada in the first part of 2018
- Canadians continue to look for balance between affordability and amenities outside of major urban centres
The trend is expected to continue into 2018 as a mix of relative affordability for condo units and price appreciation for detached homes in recent years, combined with government policy changes in both markets, has helped push an influx of buyers toward condo ownership.
In Greater Vancouver, demand for condos continues to outpace supply, resulting in the average price of a condo rising an estimated 16 per cent year-over-year, from $553,604 in 2016 to $643,778 in 2017. The GTA’s condo market also saw price appreciation of 22 per cent in 2017, as the average sale price for a condo rose to an estimated $523,437, up from $429,241 in 2016. As condo prices rose, sales for single-family detached homes declined 25 per cent in Greater Vancouver and 22 per cent in the GTA year-over-year between January and the end of October 2017.
The RE/MAX 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials.