Canadians’ appetite for home ownership is alive and well, with roughly half of Canadians planning to purchase within the next five years. This is just one insight gathered from a survey conducted by Leger on behalf of RE/MAX. The results were published recently in the RE/MAX 2018 Housing Market Outlook, which analyzes housing market activity from 2017 and offers predictions for real estate 2018 and beyond.
The big story in 2017 was the divergence of the single-family detached home and condo markets in Canada’s two highest-priced real estate markets – Greater Vancouver and the Greater Toronto Area. The trend is expected to continue into 2018 as a mix of relative affordability for condo units and price appreciation for detached homes in recent years, combined with government policy changes in both markets, has helped push an influx of buyers toward condo ownership.
The RE/MAX 2018 average residential sale price expectation for Canada is an increase of 2.5 per cent as the desire for home ownership remains strong, particularly among Canadian millennials.
Read the full report here.