Despite recent dour economic predictions, especially in the oil patch, Canada’s largest bank says 2015 should be one of the best years ever.
Royal Bank of Canada stated in its latest study that home sales should rise 5 per cent this year to more than 505,000, with prices up 4.6 per cent.
“Canada’s housing market is poised to post one of its best years on record in 2015 despite the Canadian economy being hit by a significant negative shock (plunge in oil prices) and a spike in condo completions in some markets,” said RBC economists Craig Wright, Dawn Desjardins, Paul Ferley and Nathan Janzen.
“That said, strong momentum is not equally shared across the country, with home resale activity plummeting in oil industry-sensitive markets (Alberta and Saskatchewan) and soaring in the non-energy-intensive exporting provinces, Ontario and British Columbia,” they added.
For more on this story, check out Canadian Real Estate Wealth .All Articles More Like This