Homebuyers being priced out of expensive markets, or seeking more for their money, are driving up prices in new markets, a new report highlights.
The RE/MAX Spring Trends Report shows that ‘move-over’ buyers are leaving the downtown core of the GTA for example and driving up prices in Southern Ontario markets such as Mississauga, Brampton, Durham, Barrie, Hamilton-Burlington, Windsor, and Kingston.
RE/MAX figures reveal a 29 per cent year-over-year increase in GTA home prices in the first quarter of 2017 with Durham leading the gains at 39 per cent.
There were more modest increases for Windsor-Essex (up 17 per cent), London-St. Thomas (13 per cent), Greater Sudbury (up 8 per cent) and Ottawa (up 6 per cent) but Kitchener-Waterloo was up 29 per cent, Hamilton-Burlington was up 23 per cent and Barrie surged 33 per cent.
Vancouver prices and demand both declined. Activity was slower for the detached market but low inventory is keeping the condo market alive. Prices in Greater Vancouver dropped 11 per cent in the first quarter of 2017 compared to a year earlier while sales were down 37 per cent.
Around BC, Victoria prices gained 12 per cent, Fraser Valley prices were up 4 per cent and Kelowna prices gained 13 per cent.
Meanwhile, prices were flat in Edmonton, up 3 per cent in Calgary, down 1 per cent in Saskatoon, down 2 per cent in Regina, up 5 per cent in Winnipeg, down 1 per cent in Halifax, up 12 per cent in Saint John and up 11 per cent in Charlottetown.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: