TD Economics has released an updated forecast for Canadian real estate and the outlook has vastly improved from earlier this year.
Back in January’s forecast, the majority of provinces were expected to see average home prices fall in 2015 with Ontario posting the highest gain at only 3.1%. In Alberta, prices were projected to drop -3.5% in 2015 and a further -1.3% in 2016.
Now it appears that conditions across the nation aren’t as bleak as previously thought. TD anticipates BC will lead with average price growth at 9.2%, followed by Ontario with 7.9%. Alberta average prices are still expected to decline, but only by -1.8% this year before reversing course and gaining 0.4% next year.
What hasn’t improved much is the sales forecast for Alberta, revised to fall -19.2% instead of the original -20.8%.
You can download the full July forecast from TD here.
TD forecast comparison: January and July
