The Mortgage Emporium – Mortgage Broker Ottawa
As trusted Ottawa Mortgage Brokers, we work tirelessly to stay abreast of what’s happening in the market place. Allowing us to offer sound and quality advice to our clients. Many home owners, and prospective home owners are wondering what a Canadian Real Estate Market Forecast in 2017 would like.
2017 Canadian Real Estate Market Forecast
Per the Canadian Real Estate Association (CREA), national sales are forecast to drop in 2017 by 3.3%, compared to the previous year. Specifically, in Ontario, they are looking at home sales to decline in Ontario by 2.7%. To take a look at the full statistics and forecast by province click here to visit CREA’s website.
In its annual year-end report, CREA states: “Transactions in B.C. and Ontario are anticipated to remain strong but fall short of this year’s record levels due to deteriorating affordability, an ongoing shortage of affordably priced listings for single family homes and tightened mortgage regulations.”
Most Canadian markets are leaning towards a flattening out of property prices, with some areas of the country experiencing a decline in both sales activity and prices. As other areas continue to experience price gains, albeit at a much slower pace than we’ve seen in recent years.
Consider the slowing of the Calgary real estate market. We expected aggressive price drops when oil prices crashed, however the market didn’t suffer all that much. Sure, there were price decreases, most neighbourhoods saw price reductions that were less than 5%.
The biggest factor in the predicted 2017 slowdown are the tighter mortgage regulations that were introduced in 2016. “Tightened regulations are expected to reduce the number of first-time buyers who qualify for mortgage financing, particularly in pricier markets, where there is a severe shortage of lower-priced listings.” Click here to read our blog about the change to the Canadian mortgage rules.
If you’re thinking about purchasing a home or refinancing the mortgage your currently have, our Ottawa Mortgage brokers will take the time to discuss your personal and individual financial situation. This way we can offer you the best advice and guidance.
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