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House price appreciation across Canada to slow as more listings come on stream in 2007, says RE/MAX

Mississauga, ON (October 18, 2006) – Home buyers across the country will breathe a sigh of relief in 2007, thanks to a nationwide influx of new listings that is expected to slow price appreciation in major Canadian centres, says a report released today by RE/MAX.

The RE/MAX Housing Market Outlook 2007 found that while the number of homes listed for sale is set to climb, demand will remain strong in the 17 markets surveyed, including Vancouver, Victoria, Kelowna, Calgary, Edmonton, Regina, Saskatoon, Winnipeg, Kitchener-Waterloo, Hamilton-Burlington, Toronto, Ottawa, Montreal, Halifax, Charlottetown, Saint John and St. John’s. With few exceptions, projections for sales volume in 2007 match or fall short of peak performance reported in 2005 and 2006, with more balanced conditions – characterized by healthy inventory levels and less urgency in the market -- expected to emerge. Nationally, 462,000 properties are forecast to change hands next year, making 2007 the third best year on record. After four years of double-digit gains, average price is predicted to climb a modest five per cent to $290,000 by year-end 2007, up from $275,000 one year ago.

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Housing Market Outlook 2007

NATIONAL OVERVIEW

Residential real estate activity showed unprecedented strength during the first half of 2006, despite earlier forecasts for moderating demand. Double-digit increases in housing prices were reported in Vancouver, Victoria, Kelowna, Edmonton, Calgary, Winnipeg, and Halifax while more modest gains occurred in Saskatoon, Regina, Toronto, Hamilton, Ottawa, Kitchener-Waterloo, Montreal, Saint John, and Charlottetown. Average price appreciation shattered existing benchmarks, with both Calgary and Edmonton reporting increases of 40 per cent and 25 per cent respectively. Nationally, the number of homes sold continued to rise, with sales matching last year’s record-breaking pace.

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