Putting aside the slow activity in the real estate market and a possible housing crash, the recent report revealed that there is still a change for the real estate sector in Canada to undergo growth.
The report was given by PwC Canada and the Urban Land Institute admits to a likely pullback in both Vancouver and Toronto in the coming year, however, it predicts a “year of stability” for the real estate market in the midst of a decline of 0.9 per cent in prices.
A Partner & National Real Estate Practice Leader, PwC Canada, Frank Magliocco, pinpointed that Vancouver and Toronto will face a huge decrease in price which will greatly impact the provinces. He said; “Opportunities in the Canadian market continue to be abundant but no two markets are the same.” On the other hand, the report request for minimum gains in prices for Quebec City, Halifax, and Ottawa.
Additional to that, Frank said; “The unique economic and demographic realities in each region are yielding different options for savvy real estate investors across the country who have their eye on emerging needs and trends in the market.”
The report talked about major trends for the real estate market in 2017, which includes continuous growth in the municipalities, with a stable mortgage-to-income ratio above the benchmark figure in Vancouver and Toronto, the improbable state of the global economy, strength of the energy sector and residents who are looking at renting for a long period of time. The trend of technology coming in the way of real estate segment will also be a movement in 2017, along with the need for industry to grow and familiarize themselves with what consumers need.