Life and the City | Toronto Real Estate Team

2018 RE/MAX Housing Market Outlook Report

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According to the newly-released 2018 RE/MAX Housing Market Outlook Report, this past year saw the single-family detached home and condo markets diverge on distinctly different paths in Canada’s two highest-priced real estate markets, Greater Vancouver and the Greater Toronto Area (GTA). The trend is expected to continue into 2018 as a mix of relative affordability for condo units and price appreciation for detached homes in recent years, combined with government policy changes in both markets, has helped push an influx of buyers toward condo ownership. 

The GTA’s condo market saw price appreciation of 22% in 2017, as the average sale price for a condo rose to an estimated $523,437, up from $429,241 in 2016. The signicant condo price appreciation was not matched in the single-family detached home market, as prices were up a relatively modest 8% in the GTA in 2017. Click on the image below for the 2018 GTA Housing Market Report.

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2018 GTA Housing Market Report

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A survey conducted by Leger on behalf of RE/MAX reveals that the appetite for home ownership remains strong with roughly half of Canadians (48%) considering the purchase of a home in the next five years. Of those who are considering purchasing a home, the top three reasons for doing so are to upgrade their current home, to purchase a starter home as a means of entering the housing market and to upsize from their current home to accommodate a change in family make-up. The survey also found that access to outdoor spaces was a key factor for many Canadians when considering purchasing a home, with 87% that access to green space was important to them and 82% agreeing that having a backyard was important.

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Download the full 2018 RE/MAX Housing Market Outlook Report here