Royal LePage House Price Survey & Market Survey Second Quarter Forecast
According to the Royal LePage House Price Survey and Market Survey Forecast released today, Canada’s residential real estate market posted strong home price gains in the second quarter of 2017, with the majority of metropolitan markets across Canada displaying expansionary trends. The significant Greater Vancouver housing correction that began in August 2016 turned a corner in the second quarter of 2017. Home prices in B.C.’s Lower Mainland are now poised to resume an upward trajectory nearly a year after provincial regulatory intervention bruised consumer confidence and depressed sales activity. On the other side of the mountains, Alberta’s economic rebound continued as Calgary posted its strongest year-over-year home price gains since the downturn in the price of oil. The Greater Toronto Area (GTA), a market that Royal LePage CEO Phil Soper characterized as “Canada’s least healthy” in the first quarter, saw moderating sales activity, as the combination of eroding affordability and government legislation has pushed many buyers to the sidelines – at least temporarily bringing balance to the country’s largest market and slowing home price appreciation within the region.