RE/MAX Spring 2016 Housing Trend Report
RE/MAX 2016 Housing Market Outlook Report
In 2015, high demand and low supply continued to characterize Vancouver and Toronto’s Housing Markets, and the limited inventory of single-family homes pushed prices higher. The Greater Vancouver Area saw a 17 percent increase in the average residential sale price and the Greater Toronto Area followed closely behind with a ten percent increase. These markets are both expected to continue to see price appreciation, and regions outside of Canada’s highest-priced cities reported a spill over effect from the price increases.
High demand and low inventory for single-family homes continued to be the dominant theme in Toronto’s housing market in the first quarter of the year. As city planning shifts toward density and away from urban sprawl, the supply of ground-oriented homes is increasingly limited. Current owners are reluctant to sell as they are hesitant to become buyers themselves in a competitive market, and with rising home values, many are holding on for further price appreciation.