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2015 - Condo Market Report

Real Estate Trends in Canada 2015

This is a summary of a bi-annual market report on the housing market in Canada. It includes national statistics, charts, reviews and forecasts. The report also features quotes and data from leading Canadian housing analysts and a specific focus on certain census metropolitan areas including Toronto, Calgary, Edmonton, Ottawa and Winnipeg. The highlights for the 2015 Canadian housing market are as follows:


- Less than 15% of Canada’s leading housing analysts believe that existing house prices across Canada will decrease as a result of declining oil prices

Following the fortuitous decline of oil prices since December, it is being speculated that the oil price drop will have an impact on Alberta real estate but not on the rest of Canada. In January earlier this year, leading Canadian analysts and economists took a survey regarding the Canadian real estate market and only 12% felt declining oil prices would result in a decrease in housing prices nationally although 31% felt Alberta’s housing market will be negatively impacted.


- According to RBC Global Asset Management, house prices in Canada are 4% cheaper than they should be

In November 2014, RBC Global Asset Management published a report calculating that house prices in Canada are 4% cheaper than they should be based on a House Price to Carrying-Cost Ratio. RBC also asserted that the other popular two-variable valuation studies including the Canadian home price-to-rent ratio and house price-to-income ratio have limited predictive power and can be misleading.


- 63% of housing analysts in Canada do not predict a major correction for the housing market between now and 2019

According to some of the top real estate economists and housing analysts in Canada, there is a less than 5% chance of a drop in Canadian house prices between the year-end 2014 pricing levels and 2019.


- The Bank of Canada does not believe there overbuilding in Canada

According to RBC Global Asset Management, the Canadian economy needs 200,000 housing starts per year to match the demographic demand, a number slightly lower than the 2014 result of 185,000 new primary residential units.

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