2017 Sales Volume Forecast
The recent report from the Canadian Real Estate Association published in March shows projected sales volume across Canada.
Some recent mortgage rules changes will affect certain regions more than others. In some provinces the tightening of mortgage rules such as the recent "stress test" for mortgage qualification will present a obstacle for many fist time home buyers looking to enter the real estate market. Many will have to rethink their budgets and or drop the idea of purchasing a home.
The provinces with the largest amount of sales in 2016 we're Ontario and British Columbia their sales volume increased by 9.7% and 9.5% respectively. The two provinces had the largest increase of all Canadian provinces. Other provinces with significant increases we're Nova Scotia (8.1%), New Brunswick (7.3%) and Quebec (5.5%).
The National average for 2017 should be around 518,700 which would be a 3.0% decrease over 2016. The provinces with the biggest drop in sales volume is expected to be British Columbia (-17.5%), Prince Edward Island (-10.8%) and Newfoundland (-8.4%). Ontario is expected to have a 0.7% increase which translates into a drop of 9% over last year.
In 2018, national sales are forecast to number 513,400 units, representing a decline of 1% compared to the 2017 forecast. Most of the annual decline is expected result from fewer sales in Ontario.
If you are looking to sell a home or condo in Ottawa, Ontario in the coming months trust the expertise of biligual real estate agent, Roch St-Georges. Call 613-889-7732 to discuss your real estate goals.