Real estate market expected to slow in 2016: Royal LePage

TORONTO - Realtor Royal LePage says it expects the national real estate market to slow this year due to eroding affordability in Toronto and Vancouver and the fallout from declining oil prices in Western Canada.

See Full Article

In its latest report, the realtor says the average price of a Canadian home increased 6.5 per cent to $500,688 in the fourth quarter of last year, compared to the same period on 2014.

The average cost of a two-storey home nationwide climbed to $610,134 in the quarter, up nearly eight per cent compared with the previous year.

The price of a bungalow rose 5.4 per cent year-over-year to $420,082, while the average price of a condo grew 3.1 per cent to $341,448.

Royal LePage says it expects the average cost of a Canadian home to rise by a more moderate 4.1 per cent over the course of 2016.

Company president and CEO Phil Soper says "frenetic" price growth in certain large real estate markets is likely to moderate.

"While most of the country will continue to see house value appreciation in 2016, we expect that the pace of price increases in Greater Vancouver and the Greater Toronto Area - where real estate appreciation has significantly outpaced job and wage growth - will settle to a more sustainable, single-digit price increase trajectory," Soper said in a statement.


Latest Economic News

  • Can Facebook restore public trust after privacy scandal?

    Economic CTV News
    CHICAGO -- It's a scandal of privacy, politics and an essential ingredient of business success -- public trust. Facebook is confronting a costly, embarrassing public relations debacle after revelations that Cambridge Analytica may have misused data from some 50 million users to try to influence elections. Source
  • China tells U.S. it will defend interests after Trump tariffs

    Economic CTV News
    BEIJING -- China's newly appointed economic czar told U.S. Treasury Secretary Steven Mnuchin on Saturday that Beijing is ready to defend its interests after U.S. President Donald Trump announced plans to slap tariffs on nearly US$50 billion in Chinese imports. Source
  • The biggest loser in a trade war between China and the U.S.? It's you (but don't worry about it)

    Economic CBC News
    The old adage tells us no one wins a trade war. So, the next logical question is: Who loses? Well, the short answer is — you do. Consumers have been the clear beneficiaries of globalization. Cheap stuff has flooded into North America at a historically unprecedented rate. Source
  • What's being done with your data: Experts ask, shouldn't someone get this under control?

    Economic CBC News
    Now that Facebook, Google and Amazon know pretty much everything about us, how they're using that information is drawing the focus of politicians throughout the Western world, asking in effect: "Shouldn't something be done about this?" Source
  • Bombardier executive compensation hits US$33.4 million in 2017

    Economic CTV News
    MONTREAL -- Bombardier's executive compensation rose seven per cent to US$33.4 million in 2017, according to a circular released ahead of the company's May 3 annual meeting. The increase comes after a year marked by improved results, but also by the Airbus takeover of the C Series program without the company having to pay a single cent. Source
  • U.S. sets May 1 tariff threat on Canada, Mexico amid rush to speed up NAFTA talks

    Economic CBC News
    The United States has just applied additional pressure in its rush to get a new NAFTA agreement within several weeks, establishing a May 1 deadline, after which Canada and Mexico would face tariffs on steel and aluminum. Source
  • United Airlines gives $10,000 voucher to traveller on overbooked flight

    Economic CBC News
    A passenger who was bumped off a full flight has scored the maximum prize — a $10,000 US travel voucher. A spokesperson for United Airlines confirmed Friday that a passenger got the big voucher, but he didn't name the person. Source
  • Canadian retailers could be boosted by a U.S. trade battle with China

    Economic CTV News
    MONTREAL -- U.S. President Donald Trump's plan to impose tariffs on up to US$60 billion of Chinese imports could help Canadian retailers by further easing cross-border shopping, even though a full-fledged trade war between the world's two economic superpowers would damage Canada's economy, experts say. Source
  • CRA audits just 5 Canadians out of hundreds of RBC Panama Papers accounts

    Economic CBC News
    Two years after it took aim at hundreds of Royal Bank clients exposed in the Panama Papers leak, the Canada Revenue Agency has decided just five cases require an audit. That's because most of the offshore accounts it unearthed ended up belonging to foreigners, the CRA says. Source
  • Manulife mix-up: $170K retirement nest egg transferred from account without warning

    Economic CTV News
    A Toronto woman’s retirement nest egg was transferred out of her RRSP account after Manulife Financial wired more than $170,000 to a foreign third-party stock transfer company, putting the funds in limbo amid an ongoing spat with the financial services giant. Source