Prices set to moderate in 2015
Even in the hottest property markets the next 12 months should see an easing of the fast pace of price growth. A new report from Re/Max predicts that there will be steady but more moderate growth than has been seen in 2014. It forecasts that nationally the average house price will grow by 2.5 per cent next year to $416,300. For the major markets there is an expectation of growth higher than that although the pace will be about half what it has been this year. So Toronto is predicted to see a 4 per cent rise next year compared to this year’s growth of 8.3 per cent; Vancouver’s rise is set to be 3 per cent compared to 7.3 per cent this year; Calgary prices are also expected to grow 3 per cent while this year has seen 5.9 per cent. Meanwhile some of the more affordable areas this year may see a sharper rise in prices next year than in the past 12 months.