The Q2 2016 Royal LePage House Price Survey and Market Survey Forecast was released to media early this morning. Some highlights from the national release include:
- Canada's residential real estate market continued to show strong appreciation in the second quarter of 2016, posting the highest national year-over-year gain seen in five years.
- The cooling of Canada's hottest real estate markets is delayed again as central bankers are expected to keep interest rates lower for longer in light of Brexit and global uncertainty.
- Looking ahead to the remainder of 2016, Royal LePage forecasts that the aggregate price of a home in Canada will increase 12.4 per cent when compared to year end 2015.
- According to our recent Royal LePage Advisor Survey on foreign buyer activity in the Greater Vancouver and Greater Toronto Area, while a majority of respondents confirmed that foreign buyer activity increased in 2016 year-over-year, 35 and 37 per cent of respondents believe that foreign buyers account for less than 10 per cent of the GTA and Greater Vancouver housing markets, respectively.
A big thank you to all of our spokespeople from across the country for their contributions in providing regional perspectives. Copies of our regional releases are posted in the Royal LePage Media Centre.
Consumers, organizations and the media turn to Royal LePage for information on house price trends both nationally and in regional markets across the country. So far today we have seen great media coverage, including:
CBC.ca: http://www.cbc.ca/news/business/royal-lepage-survey-1.3675925
Globe and Mail: http://www.theglobeandmail.com/report-on-business/top-business-stories/canadian-real-estate-giant-warns-against-house-flipping-in-red-hot-markets/article30898747/
Globe and Mail: http://www.theglobeandmail.com/report-on-business/ten-year-spike-in-home-prices-transforms-vancouver-new-data-show/article30898432/
Financial Post: http://business.financialpost.com/personal-finance/mortgages-real-estate/canadian-real-estate-prices-to-see-largest-annual-increase-this-century-forecast-says
Toronto Star: https://www.thestar.com/business/2016/07/13/royal-lepage-expects-housing-to-remain-high-through-the-end-of-2016.html
Bloomberg.ca: http://www.bloomberg.com/news/articles/2016-07-13/brexit-to-fuel-canada-home-prices-in-highest-forecast-since-2000
CityNews: http://www.citynews.ca/2016/07/13/house-prices-canada-climb-9-2-per-cent-royal-lepage/
Simcoe.com: http://www.simcoe.com/news-story/6764826-biggest-home-price-gain-in-q2-in-5-years-report/
York Region.com: http://www.yorkregion.com/news-story/6764826-biggest-home-price-gain-in-q2-in-5-years-report/
Durham Region: http://www.durhamregion.com/news-story/6764826-biggest-home-price-gain-in-q2-in-5-years-report/