Canadian Real Estate Market Trends for 2017
To say that it's been a tough few years for the Canadian real estate market is quite an understatement. After a troubling 2015, the market finally began to improve steadily throughout 2016.
It was a year that many expected the bubble to burst, as cities offered incentives to those looking to buy a home.
But what should you expect the economic forecast to look like in 2017? Is it the best time to buy or sell a home, or should you wait? Were these incentives enough to breathe new life into Canada's beautiful cities?
Read on to get a clearer picture on the market trends to look for in 2017.
Canadian Real Estate Market Trends to Expect in 2017
Higher rates of employment should bring a healthier market
There is good news! Things aren't as doom and gloom for Canada's citizens as they have been.
In fact, quite the opposite.
It's been suggested that there's a healthy outlook for Canada's job market in 2017. As every good agent knows, with more employment comes a bigger demand for housing.
Thankfully, it seems to be great for the market, with the unemployment rates already dropping from 6.9% to 6.8%. Expect this to continue throughout the year.
Both buyers and sellers in the Canadian real estate market will want to be ready, so plan ahead.
The housing situation in GTA will remain in a state of flux
It's great that buyers are finally getting the chance to buy their dream home! But actually finding that home can be a challenge for those in the GTA.
It isn't exactly a secret that Toronto's housing market is finicky, and 2017 is going to be more of the same. If you're looking for a home in or directly outside Toronto, you may need to consider other options. Generally speaking, there don't seem to be many homes available.
Home sales in the GTA are expected to drop around 2.7% while prices will increase, making for a tumultuous year.
Toronto's massive condo market will continue to grow
If citizens of the GTA can't find a home they like, naturally they'd need to turn to condos. 2016 saw a huge boom in the city’s condo market, and it would appear that 2017 will be no different.
These condos will continue to be huge for the Canadian real estate market!
It's suggested that the condo market will continue to increase throughout the year. Therefore, tenants should expect to pay higher prices if they're looking to live in the city.
You may remember how we mentioned that it's generally a seller's market right now. This still rings true, and there's never been a better time to sell.
Buyers should be ready for some unexpected competition
Immigration is a hot topic right now around the world, and Canada is no exception. But the source of immigration may surprise you. Expect our neighbors from the US to steadily trickle in due to the 2016 election.
Naturally, this is expected to result in inflation. By an estimated 2.20% in fact!
It's impossible to ignore the impact this will have on the Canadian real estate market. Between NAFTA dealings and an already tough market, buyers may have a tough time in 2017.
Overall, it's looking to be a complicated year for the Canadian real estate market. If you're looking to buy a home, you'll want to know you're not paying too much.
Get in touch today for the best listings at the best prices, and keep your eyes on our blog to keep track of everything you need to know!