Real estate sector expected to move away from ‘feast and famine’ this year
TORONTO — The extreme regional disparities that characterized Canada’s real estate markets last year will narrow in 2017 as overheated areas cool and slower markets gather steam, Royal LePage says in a report released Thursday.
That trend will be driven by lower prices in Greater Vancouver and strong but moderating price growth in the Greater Toronto Area, the real estate company said.
“The disparity in home price appreciation between Canadian regions has never been greater than that seen in 2016, with rates ranging from double-digit extremes in some cities to negative growth in others,” Phil Soper, president and CEO of Royal LePage, said in a statement.
“In 2017, we anticipate a movement away from the regional extremes of real estate feast and famine — and that is a very good thing.”