By Wayne Karl
This year will bring some new challenges and opportunities for housing. Here are five things you need to know about Canadian real estate in 2018.
More local than ever
First, there’s no such thing as a Canadian real estate market. You buy one home on one street in one neighbourhood in one city. This is true now more than ever.
What happens in Canada’s largest and hottest housing markets, Toronto and Vancouver, respectively, is quite different from that in, say, recovering areas such as Calgary and Edmonton.
“Monthly momentum for national home sales activity gained strength late last year, and further expected economic and job growth will buoy sales activity this year despite slightly higher expected interest rates,” Canadian Real Estate Association President Andrew Peck said on January 15 in releasing CREA’s stats for December 2017. “Even so, momentum for home sales differs depending on location and type.”
Indeed, it does.
“While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizeable year-over-year gains in the Lower Mainland of British Columbia, Vancouver Island, Calgary, Edmonton, Ottawa and Montreal.”
Then there’s prices. The national average price climbed just 0.04 per cent in December from the previous month, but it declined 1.42 per cent in Oakville-Milton, Ont.
Looking at a longer-term trend is also important. Using the same Oakville-Milton example, prices were up 58 per cent in December from five years ago, while in Ottawa they’re up just 12.54 per cent, and in Saskatoon, they’re down 3.18 per cent.
The Stress Test
Continue reading the full Huffington Post article HERE…