Low interest rates and balanced market conditions across Canada have combined to provide a stable real estate market in recent years. Cartus’ Canadian Real Estate Market Overview, prepared by Andy Puthon, president of Coldwell Banker Canada, provides valuable information for companies relocating employees to and within Canada.
Industry forecasts on Canadian real estate markets are generally positive for this year and are expected to further improve in 2016. “It is important to remember that, while real estate activity is forecast nationally, it is transacted locally,” said Puthon. “Market conditions can vary dramatically from city to city, or between neighbourhoods—and even on the same street. Rapidly changing economic news and regional market disparities make it even more important to consult a local real estate professional, who can help you evaluate your choices and make an informed decision.”
Following are just a few highlights from the Canadian Real Estate Association’s (CREA) latest unit sales forecast:
• The national sales forecast for 2015 is similar to last year’s, with 475,000 sales expected.
• A dramatic decline in oil prices has slowed sales and led to a rapid shift in market balance in Alberta and, to a lesser extent, in Saskatchewan.
• Annual sales in these provinces are expected to come in well below the elevated levels they posted last year.
• There is a notable disparity of forecasts for markets across the country, although the majority of provinces are forecasting gains.
• The lower Canadian dollar, declining mortgage rates and stronger U.S. economy are expected to spur economic and job growth in Canada.
Read more in the Cartus’ Canadian Real Estate Market Overview.