Dec 9, 2010
Media is abuzz this fine yet chilly Thursday morning about a current rise in Canadian new-home prices and predictions of a dapper year in real estate for 2011.
Bloomberg reports Canada’s new-home prices increased 0.1% in October over the previous month. The increase was led by 0.2% gain in Toronto and a 0.1% gain in Vancouver, Stats Canada said today from Ottawa.
On the resale front, a report by Central 1 Credit Union, says Ontario will see strong gains in both home sales and prices in 2011.
The report projects the number of Ontario home resales will increase about 5% to 204,000 next year and prices will rise 4.2% to an average $356,500 in 2011 from $342,000 this year.
Shifting our attention to the West Coast, BC isn’t being spared the positive predictions with a Tuesday Re/Max report forecasting a 10% gain in the number of Greater Vancouver residential unit sales.
And, across all of Canada, Re/Max expects the average price of Canadian homes to rise three per cent to $350,000 by the end of next year.
Lastly, lest we forget commercial real estate, Cushman & Wakefield says 2011 looks bright for Canada’s office and industrial markets. According to Cushman & Wakefield’s 2011 Outlook on Canadian office and industrial real estate markets released Wednesday, 2011 will bring “strengthening central and suburban demand that will gain momentum as the year unfolds.”
Now, lets cast bets on how closely 2011 mirrors the crystal ball projections.