The Canadian Real Estate Association predicts that the 2014 real estate market will be out better than expected and will be even stronger compared to previous years. The sales of previously owned homes across Canada have increased, especially in provinces such as Ontario and the four provinces out West. Currently, many of the provincial housing markets are well balanced, including large urban areas.
The increase in housing prices are always known to be greater in areas where supply is related to demand, such as in parts of southern Ontario which include the low rise market in Toronto. The Canadian Real Estate Association predicts that in 2014 465,600 homes will be sold this upcoming year, which is an increase from 2012. They also predict that the national average price on a house for sale in 2013 was $382,200, which is a 5.2% increase from 2012. The projected national average price for 2014 will be $391,100, a 2.5% increase from this year.
The Association predicts that 2014 will be even stronger, with 475,000 homes being sold nationally. This is also based upon the Canadian Real Estate Association’s September prediction that predicted 449,000 homes would be sold this year. Alberta is set to have the biggest increase in the average price of homes in 2014, with a gain of 3.4%. It is expected that there will also be gains in Saskatchewan, Manitoba, Newfoundland and Labrador running just ahead of overall inflation, and the average price increase in Ontario running just below it.
According to the Canadian Real Estate Association, November 2013 real estate sales dropped slightly from October but had a significant increase from the same time last year, when the industry was going through a soft patch due to changes in federal rules for mortgage lenders and borrowers. The national average sale price rose to 9.8% in November, while the MLS Home Price Index rose to 4.1%.
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