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Home prices will rise 4.9 per cent in 2018

January 9, 2018

Average home prices in 53 Canadian cities are expected to rise by 4.9 per cent by the end of 2018 to about $662,000, according to December 2017 outlook from Royal LePage.
The estimate comes amid efforts to address housing affordability in Greater Vancouver and the Greater Toronto Area. These include the upcoming mortgage financing stress test by the Office of the Superintendent of Financial Institutions, which is now in effect.
Royal LePage expects the new measure will slow the housing market, particularly in the first half of 2018, as buyers adjust both their expectations and finances.
“With a large number of existing homeowners potentially failing the test when refinancing, a temporary reduction in consumer confidence may further stagnate price growth as potential buyers and sellers take a 'wait and see' approach,” Royal LePage noted.

 

 

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