Even though the new year has only just begun, the housing outlook for 2015 is looking very bright.
According to the Re/Max 2015 Housing Market Outlook Report, the average 2014 residential sale price in Canada was $406,145; which is expected to increase this year to $416,300.
In Toronto and Vancouver prices will continue to climb, by about 4 and 3 per cent per cent, respectively. If you’re a homeowner, or looking to get into the market, keep an eye on these factors in the year ahead.
While Baby Boomers continue to downsize, Millennials are entering the market. Both groups are driving market demand right across Canada.
With young buyers in Vancouver and Toronto facing high prices and a limited supply of single-family homes, condos are especially appealing.
In Montreal, Kingston, Ont., Burlington, Ont.,and Victoria in particular, condos are attracting Baby Boomers looking for amenities within walking distance and affordability.
We look forward to helping you buy or sell your home in 2015! Call us, we’d love to hear from you!