The Royal LePage Q4 House Price Survey and forecast was published this week.
Across Canada, the price of a home increased 13.0 percent year to year with a national average of $558,153. This compares to our local market which also published end of year stats with the average price of homes Dec 2015 to Dec 2016 increasing 14%. So very close to the national average. Our local, annual price for a home was $376,012, up 12 % from the previous year.
Looking ahead, Royal LePage forecasts that the aggregate price of a home will increase only 2.8% in 2017 as a national average.
This national average does take into account that the median residential house price in the GTA is anticipated to still increase by 10%. The forecast of our neighbour to the East with continued increased prices probably means that our local market will also increase above the national average, as we continue to see Buyer traffic travel down the 401 from Mississauga, Milton and Brampton.
The national average is offset with a predicted decrease in housing prices in Vancouver of 8.5% across all housing types.
Locally, our overall supply of listings continues to trend at record lows and Seller’s continue to reap the benefits of a “Seller’s Market”
For more details and statistics please review the Q4 2016 Royal LePage House Price Survey and 2017 forecast, or google the President of Royal LePage Phil Soper for his remarks and commentary on the report.