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moneysense.ca, 10/11/05
Canadian Housing Forecast
RE/MAX forecasts that home prices across Canada will rise modestly in 2006.
RE/MAX Canada expects the housing market to moderate in 2006 with healthy inventory levels and modest price increases. Nationally, unit sales are expected to moderate slightly from a record pace in 2005. The price of an average home, however, is expected to increase 5% to a record $258,900.
Since forecasting is a treacherous business, these numbers should be taken with a big grain of salt. The 2006 forecasts for major cities across Canada and just for fun, the forecasts and estimates for 2005 are:
| City | 2005 (Forecast) | 2005 (Estimate) | 2006 (Forecast) |
|---|---|---|---|
| Halifax | 8.0% | 7.0% | 4.0% |
| Montreal | 6.0% | 11.5% | 4.0% |
| Ottawa | 6.0% | 4.0% | 3.0% |
| Toronto | 3.5% | 6.0% | 4.0% |
| Winnipeg | 3.0% | 14.0% | 5.0% |
| Regina | 4.5% | 11.0% | 5.0% |
| Calgary | 5.0% | 12.0% | 10.0% |
| Edmonton | 12.0% | 7.0% | 5.0% |
| Vancouver | 8.0% | 12.0% | 10.0% |
The full report, which includes forecasts for smaller markets, can be obtained here.
moneysense.ca, 10/11/05
This is quite interesting. According to this report, the forecasted average price for residential in Calgary is 270K something. But the fact is two months passed and now the average here is more like 340K!