Canadian residential real estate surpassed pretty much everyone’s expectations in 2011, recording a very VERY solid year of housing activity. And guess what! The trend is expected to continue into 2012 (if the world doesn’t end, obvi) as Canadians remain committed to purchasing homes despite worries over the European debt crisis.
All this info and more was released today by RE/MAX in their Housing Market Outlook 2012. The report examined trends and developments in 26 markets across the country. According to the report:
“Eighty-eight per cent (23/26) anticipated averages price increases by year-end 2011 — with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011.”
The report also says that by the end of 2011, approximately 460,000 homes will change hands. This is up 3 per cent from the 446,010 units reported in 2010. Believe it or not, sales are expected to increase in 2012, climbing 1 per cent to 464,500.
Want more crazy housing market news? Of course you do! On the subject of house prices, the report states that prices are set to climb to $363,000 by the end of 2011. By the end of 2012, the average price is expected to increase by 2 per cent to $371,000.
For more great stats and info about the crazy Canadian real estate market, check out RE/MAX’s press release that accompanied their report. It’s got some cool charts and stuff, you’ll love it.