Some of the findings:
- High demand and low supply continued to characterize Vancouver and Toronto’s housing markets throughout 2016 as competition from buyers for limited inventory of single-family homes pushed prices higher.
- Home ownership remains a priority for Canadians, with 53 per cent of respondents in a recent RE/MAX survey expressing intent to purchase a home and 47 per cent expressing intent to do so in the next five to 10 years.
FUTURE TRENDS
- The foreign-buyer tax is expected to have the greatest impact on the upper end of the market, with prices and sales decreasing slightly in reaction to softer demand
- The uptick in mortgage rates are not expected to have a significant impact on the Greater Vancouver market
- The RE/MAX 2017 average residential sale price expectation for Greater Vancouver is an increase of two per cent
Click here to read the full article: remax_2017housingmarketoutlookreport
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