Canada’s red-hot housing market looks set to cool next year, with property prices heading for a ‘soft landing’, according to the Royal Bank of Canada (RBC).
According to the bank’s latest forecast, the number of homes changing hands across the country is expected to fall by around 9% in 2018 compared to the frenzy of 2016, and with fewer transactions taking place home prices are forecast to only increase marginally.
RBC estimates that the average price of a home in Canada will rise by 1.2% in 2018, compared to an expected gain of 7.8% in 2017, and down from the 9.6% increase on average in 2016, as new housing regulation, including tax hikes on foreign homebuyers in Vancouver and Toronto, have an impact on the market.
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