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moneysense.ca, 18/10/06
Canadian Housing Forecast
RE/MAX Canada expects the housing market to moderate in 2007 due to a surge of new listings. Nationally, unit sales are expected to moderate slightly from the record pace of the past two years. The price of an average home, however, is expected to increase 5% to a record $290,000. Calgary and Edmonton are predicted to lead the country with double digit price increases.
Since forecasting is a tricky business, these numbers should be taken with a big grain of salt. The 2007 forecasts for major cities across Canada and just for fun, the forecasts and estimates for 2006 are:
| City | 2006 (Forecast) | 2006 (Estimate) | 2007 (Forecast) |
|---|---|---|---|
| Halifax | 4.0% | 12.0% | 7.0% |
| Montreal | 4.0% | 5.0% | 5.0% |
| Ottawa | 3.0% | 4.0% | 4.0% |
| Toronto | 4.0% | 5.0% | 5.0% |
| Winnipeg | 5.0% | 14.0% | 5.0% |
| Regina | 5.0% | 8.0% | 5.0% |
| Calgary | 10.0% | 40.0% | 10.0% |
| Edmonton | 5.0% | 25.0% | 10.0% |
| Vancouver | 10.0% | 18.0% | 8.0% |
The full report, which includes forecasts for smaller markets, can be obtained here.
moneysense.ca, 18/10/06
Yes, a very big grain of salt! Taking Calgary for example where the listings have climbed back up tremendously and the 2006 forecast was off by 30%…whose to say they can’t be off by 30% in the other direction for the coming year. 30% going down is a lot more than 30% going up.
I have to agree with Ryan. I think all of AB is in a huge housing bubble that will burst (sometime in the next five years) and the drop back down at least 20% will be a hell of a shocker to everyone who bought houses lately.
I know I sold my house in NE BC early this year after two years of 25% increases. It was nice to cash out and know that I moved to a more reasonable market in SK.
Yeah yeah yeah… The experts have been predicting for the bottom to fall out of the Toronto condo market for more than 2 yrs now. For me, I’ve been waiting for that time in order to be able to afford to upgrade to a larger condo than the one that I own… Needless to say – I’M STILL WAITING!!!
Hey Phil,
At least you have a place!!!
I’ve been waiting to get in as a first time homebuyer and needless to say; I’m going to be renting. The Canadian economy will not see my blood, sweat and tears just to I can eat sleap and shit in an overpriced box in TO