New report predicts market heat to continue well into 2015
A new report suggests that we are far from the end of market growth, at least in some parts of Canada. The annual Emerging Real Estate Trends report from the Urban Land Institute and PricewaterhouseCoopers says that Calgary, Edmonton, Toronto and Vancouver will continue to the “best bets” based on investment, housing and development. The report predicts that the overall real estate market in Canada will continue to be steady but in the hottest markets there is likely to be more upward trends in prices. In Vancouver for example, the figures suggest that 40 per cent of high-value property will be purchased by foreign investors; from Hong Kong and China predominantly. While the residential market may stay buoyant there aren’t such high hopes for the commercial sector. The report forecasts that there could be an oversupply of office units with landlords discounting rents.