At times it seems like more housing statistics are released throughout the year than there are days on the calendar. But, since we’re at the end of 2012, we thought it pertinent to look back on the year that was in Canadian real estate and consider what the market has in store for us in 2013.
Follow along as we go through a number of notable housing statistics that were released over the last 12 months…
There are many different ways to parse housing market data, but because of the many home options Canadian have, sometimes it’s best to break it down by housing forms. Just a few weeks ago, Coldwell Banker released a rundown of the most affordable and most expensive markets for family-sized homes in Canada. They found that the most affordable market in the country for four-bedroom, two-bathroom homes is Windsor, ON, with an average price of $170,991. Vancouver is the most expensive market, with a family-sized home in that city costing an average of $1,876,414.
But only so many people live in houses that big. In fact, according to the latest Canadian census figures, for the first time ever, there are more people living alone in Canada than there are couples with children. One-person households now make up 27.6 per cent of all homes, a three-fold increase since 1961.
TD Canada Trust released two reports on Canadian condo buyers in 2012. One of the studies suggests that 68 per cent of purchasers aren’t aware that their condo fees can go up at any time. However, the other TD report says three-quarters of condo buyers think their homes are worth the extra monthly expenses.
Of course the housing market isn’t just about ownership. According to Canada Mortgage and Housing Corporation, rental accommodation became a little easier to find in Canada in 2012 as more apartment buildings came on the market as young adults faced a tough job climate, leading to a decrease in demand for rental housing.
In broad strokes, the most recent house price index from Teranet-National Bank says Canadian home prices were up 3.3 per cent in November 2012 from where they were in 2011.
So that’s some of what came out this past year. Of course, a big part of housing “data” concerns forecasts. How did the real 2012 numbers stack up against some of the predictions that came out at the end of 2011? Consider what CMHC speculated for the Canadian housing market in December of last year.
As for what’s in store for 2013, well, there are already a number of predictions floating around. CREA is predicting thst home sales will drop two per cent next year. Meanwhile, CMHC believes housing starts will slow while resales of existing homes will remain steady in 2013.