2016 Housing Market Outlook
RE/MAX Canada has just released it's annual forecast for the housing market in 2016. With falling oil prices, recently announced changes to high ratio mortgages and uncertainty over interest rates, many people are wondering what will happen to real estate next year.
Here are some highlights from the report:
- Average residential sales prices in the GTA to rise by 5%
- Low inventory of properties for sale, particularly single-family homes to continue
- New Canadians and foreign investors to remain an important demographic
- Low oil prices and low Canadian dollar may stimulate the Ontario economy
Read the full report below for more information on first time buyers, the condo market and luxury homes.
If you have any questions on how this may impact you, don't hesitate to get in touch. 416-486-5588 firstname.lastname@example.org