{"id":9305,"date":"2017-01-12T12:34:35","date_gmt":"2017-01-12T17:34:35","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=9305"},"modified":"2017-01-12T12:34:35","modified_gmt":"2017-01-12T17:34:35","slug":"canadian-real-estate-to-stabilize-in-2017-royal-lepage","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/canadian-real-estate-to-stabilize-in-2017-royal-lepage\/","title":{"rendered":"Canadian Real Estate to Stabilize in 2017: Royal LePage"},"content":{"rendered":"<p>Real estate brokerage giant Royal LePage has released <a href=\"http:\/\/www.royallepage.ca\/realestate\/news\/moving-away-from-the-regional-extremes-of-real-estate-feast-and-famine\/#.WHetwDv-3BI\" target=\"_blank\">its recap of last year\u2019s market growth<\/a>, as well as its 2017 forecast for markets across the country. According to the report, uneven conditions between \u201chave\u201d and \u201chave-not\u201d real estate regions will be less extreme this year \u2013 an end to what Royal LePage President and CEO Phil Soper refers to as \u201cfeast and famine\u201d.<\/p>\n<p>\u201cThe disparity in home price appreciation between Canadian regions has never been greater than that seen in 2016, with rates ranging from double-digit extremes in some cities to negative growth in others,\u201d he states. \u201cThe economic drama put real estate at the forefront of everybody\u2019s mind last year, from the Prime Minister to the recent grad.\u201d<\/p>\n<p>Market growth in 2016 was mainly driven by the usual suspects \u2013 Vancouver and Toronto &#8211; pushing the Royal LePage National House Price Composite (which includes detached homes, <a href=\"http:\/\/www.zoocasa.com\/toronto-on-townhouses\/\">townhouses<\/a> and condos) up 13% to $558,153 \u2013 the highest year-over-year jump in over a decade.<\/p>\n<ul>\n<li>Two-storey homes saw the greatest growth at 14.3%, to $661,730;<\/li>\n<li>Bungalows rose 12.5% to $481,460;<\/li>\n<li>Condos are up 7.4% to $356,307<\/li>\n<\/ul>\n<p>Royal LePage calls for a much more moderate pace of 2.8% growth this year.<\/p>\n<p><strong>Click here to read <a href=\"https:\/\/www.zoocasa.com\/blog\/top-six-2017-real-estate-predictions\/\">Zoocasa\u2019s 2017 real estate predictions<\/a>!<\/strong><\/p>\n<h2>What\u2019s to Come for 2017 Real Estate<\/h2>\n<h3>British Columbia:<\/h3>\n<p>The greatest shakeup\u00a0will take place in <a href=\"http:\/\/www.zoocasa.com\/vancouver-bc-real-estate\/\">Vancouver real estate<\/a>, with prices actually expected to drop by high single digits. The market lost steam in the last quarter due to a combo of unsustainable price growth, public policy and slower sales, all of which will continue to take their toll. While Vancouver will remain the priciest market in Canada, a new foreign investment tax, coupled with new federal mortgage qualification rules and tax will put downward pressure on demand.<\/p>\n<p>Prices rose 25.6% in the Greater Vancouver region to $1,230,718. Luxurious West Vancouver remains the steepest at $3,573,148, while the suburbs of Langley and Richmond boom at 25.7% and 27.6% growth, respectively.<\/p>\n<h3>Ontario:<\/h3>\n<p>Buyers living in and around the province\u2019s largest city can expect to dish out even more for a home this year, as nothing stands in the way of skyrocketing housing demand. \u201cUnlike Vancouver, where price correction is underway, there is no relief in sight for the GTA \u2013 forward momentum and supporting fundamentals in the region are that strong,\u201d stated Soper, adding that Toronto prices, relatively low compared to Vancouver, are a draw for investors and buyers.<\/p>\n<p>Greater Toronto Area prices rose 16.1% to $720,761, and up 12.4% to $720,029 in the City of Toronto. Some of the surrounding suburbs experienced \u201cVancouver-like\u201d growth such as:<\/p>\n<ul>\n<li>Richmond Hill, up $30.1% to $1,138,826<\/li>\n<li>Oshawa, up 26.9% to $471,957<\/li>\n<li>Whitby, up 21.3% to $610,658<\/li>\n<li>Vaughn, up 19.9% to $927,371<\/li>\n<\/ul>\n<p>Buyers looking for a deal must travel increasingly far from the city core, with some pockets of affordability in the following markets:<\/p>\n<ul>\n<li><a href=\"http:\/\/www.zoocasa.com\/hamilton-on-real-estate\">Hamilton<\/a>, up 14.5% to $445,249<\/li>\n<li>Kitchener \/ Waterloo, up 12.9% to $390,715<\/li>\n<li>Niagara \/ Saint Catharines, up 10% to $311,577<\/li>\n<\/ul>\n<p><strong>Related Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/hamilton-real-estate-to-be-hottest-market-in-2017-remax\/\">Hamilton Real Estate to be Hottest Market in 2017<\/a><\/strong><\/p>\n<h3>Alberta:<\/h3>\n<p>Following gloomy economic prospects over the last two years, 2017 will offer a ray of hope for the wild rose province, as energy prices recover and stabilize. While housing sales slid drastically from 2014, the good news is homeowners held onto much of their equity, as home supply slowed along with demand. Prices dropped in Calgary just 1% year over year to $460,837, and 2.1% in Edmonton to $378,247, and are already trending up quarter over quarter. States the report, \u201cOur outlook for Alberta may surprise the many who are anticipating another dire year for the region. While we don\u2019t anticipate a strong housing rebound, we are calling 2016 as the bottom for this correction phase of the cycle.\u201d<\/p>\n<h3>Saskatchewan:<\/h3>\n<p>It has been a stable year for Canada\u2019s breadbasket; while energy prices dragged on the economy, strong agricultural growth helped offset a downturn. Housing declined just 0.4% to $366,933 in Saskatoon, and down 2.6% to $340,684 in Regina, with conditions to remain flat (no pun intended) in the prairies this year.<\/p>\n<h3>Quebec:<\/h3>\n<p>This is to be a banner year for la belle provence, with infrastructure and tourism to boom in its largest cities and push growth higher than the national average for the first time since 2009. New transit initiatives and its 375<sup>th<\/sup> anniversary will drive demand in Montreal, following a 6.5% increase to $371,085 in 2016, and 5.8% growth to $307,008 in Quebec City.<\/p>\n<h3>Atlantic Canada:<\/h3>\n<p>Canada\u2019s eastern edge has experienced some of the most sluggish market conditions as labour forces were hard hit by the energy downturn. While there\u2019s little relief in store for Newfoundland (St. Jonhn\u2019s dropped 1.5% to $334,782), prices will strengthen somewhat in New Brunswick, Nova Scotia, and Prince Edward Island:<\/p>\n<ul>\n<li>Fredericton and Saint John rose 10.4% and 13.2% to $257,092 and $230,405, respectively<\/li>\n<li>Moncton prices rose 0.3% to $191,678<\/li>\n<li>Halifax increased 4.3% to $310,656<\/li>\n<li>Charltottewon rose 3.2% to $228,706<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h2>Impact of 2016 Rule Changes to be Felt Through 2017<\/h2>\n<p>Home buyers and sellers withstood a number of changes last year from various levels of government, as housing officials attempted to reign in pricing, help affordability, and improve the quality of mortgage lending. While designed to stabilize the market, so much change introduced in such a short timeline could do more harm than good, argues Royal Lepage.<\/p>\n<p>\u201cWhile efforts to address deteriorating affordability in Ontario and B.C.\u2019s largest metropolitan areas are well-intentioned, too many new taxes and regulations, by too many levels of government, introduced within such a short timeline and with perceivably little research and consultation, have caused confusion and triggered drops in consumer confidence, risking the long-term health of Canada\u2019s housing market,\u201d said Soper.<\/p>\n<p>\u201cPrice appreciation disparities between regions have created a quandary for policymakers who have tried to tame overheated housing markets, while supporting slower ones.\u00a0 What our leaders have been slow to address, and what is at the heart of the matter, is the supply side of the equation in the country\u2019s hottest markets.\u00a0 Housing shortages have put immense upward pressure on prices,\u201d he concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate brokerage giant Royal LePage has released its recap of last year\u2019s market growth, as well as its 2017 forecast for markets across the country. According to the report, uneven conditions between \u201chave\u201d and \u201chave-not\u201d real estate regions will be less extreme this year \u2013 an end to what Royal LePage President and CEO [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":9307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[33],"tags":[],"class_list":["post-9305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canadian Real Estate to Stabilize in 2017 | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"The Royal LePage&#039;s 2016 recap and new year forecast calls for Canadian real estate to stabilize in 2017. 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