This morning saw the release of Royal LePage's House Price Survey for Q4 2011 and the Canadian Housing Trends 2012 Market Survey Forecast. Royal LePage is predicting a few things including that a national real estate price correction will most likely not happen until 2013 at the earliest and that national average prices will increase by 2.8% by the end of 2012. According to Phil Soper, President and Chief Executive of Royal LePage Real Estate Services, "Widespread calls for a major real estate correction in 2012 simply can't be justified. The industry has significant momentum entering the year, and buoyed by the stimulative effect of very low interest rates, we expect the market to continue to expand-albeit at a slower pace."
In respects to our region the report states, "Lack of inventory in Toronto produced strong year-over-year price appreciation in 2011. Average price gains ranged from 3.4 to 7.2 per cent for the housing types surveyed. Migration and low interest rates also continue to drive real estate prices. At the end of 2012, average house prices in Toronto are forecast to increase 2.6 per cent over 2011."
See the full report here and below you will find additional links.
Canadian Housing Trends 2012 Royal LePage Market Survey Forecast
Royal LePage Q4 2011 House Price Survey
Royal LePage’s Quarterly House Price Survey (Q4 2011) Select Markets