With new mortgage regulations, interest rate hikes, and taxed imposed on foreign investors, 2017 has been a year of changes. Nevertheless, the local real estate market has remained healthy and stable, showing appreciation rates on par with expected growth.
Teranet and the National Bank of Canada have collaborated to pull together house price data in Canada’s 6 metropolitan cities (Montreal, Vancouver, Toronto, Edmonton, Ottawa and Calgary). In Montreal, a sharp increase in luxury homes (over $500,000) was recorded, as well as a slight decrease in home sales in the $200,000-$300,000 price range due to tightened mortgage regulations in 2016.
Bank of Canada holds its key interest rate at 0.50%. Analysts predict that it’s likely to remain at that rate until 2018. The bank’s next interest rate announcement is scheduled for March 1. Meanwhile, Trump’s US election at the end of January inspires a slew of questions regarding the trickle down effects on Canadian real estate.
- An increasing number of total sales
- A decreasing number of active listings
- A decreasing Time-to-Sell
- A decreasing monthly supply of properties
- A decreasing number of expired listings
- A decreasing number of new listings