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AVAILABLE EXPERT: Modest gains in housing prices predicted

Wednesday, December 10, 2014

Queen’s University real estate expert John Andrew can comment on the 2015 report by Re/Max that indicates housing prices will register modest gains in most Canadian cities next year.

“Re/Max is forecasting that home prices in the Greater Toronto Area will increase by four per cent in 2015,” says Dr. Andrew. “This would mean a significant slowing from the approximately eight per cent price growth seen so far in 2014, but it would still represent a healthy real estate market. While real estate brokerage company forecasts tend to be eternally optimistic, the shortage of single family homes in the GTA and my belief that interest rates will still low until at least late 2015 cause me to agree with this forecast.

“It’s noteworthy that Re/Max is predicting 2015 price growth nationally to be right around the inflation rate, at 2.5 per cent. That too is a marked decline in growth rate. This may in part be attributable to forecast price declines in British Columbia and Alberta, the latter being due primarily to the falling price of oil.”

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