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Canada home prices set to grow 3.8% in 2014, say Realtors

Posted by: In: Real Estate 04 Apr 2014 Comments: 0 Tags: ,

Average property values in Canada are set to rise 3.8% this year, 1.3% higher than estimated three months ago, and by another 1.1% in 2015, says the Canadian Real Estate Association

Canada’s property market is set to perform better than previously thought, with average prices rising 3.8% during 2014 to CAN$397,000, 1.3% higher than estimated at the start of the year and CAN$20,000 more than forecast in June 2013.

Prices are also expected to increase 1.1% on average in 2015, says the Canadian Real Estate Association (CREA) in an updated and extended market forecast. Sales volumes are also expected to grow.

The Canadian property market, which did not decline as much as other nation during the global crash, has been expected to fall, by some experts, but prices have continued to edge up and rise fast in leading cities, including Calgary, Vancouver and Toronto, and CREA has kept increasing its average home price forecast over the last year

Sales in 2014 are forecast to reach 463,700 homes, up 1.3% year-on-year and in line with the 10-year average. British Columbia is set to lead the way at 8.3% with most over provinces from 3% to -3%, although a bigger fall is expected in Nova Scotia.

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Source: OPP



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