Photo: Andreas Solberg/Flickr
The end of the year is a time of reflection and prediction and according to a new Re/Max housing report, it looks like the country’s real estate scene should stay strong well into the year ahead.
Re/Max believes improved economic performance at home and abroad, rising consumer confidence and the unwaveringly low interest rate will lead to robust sales and further home value appreciation in 2014.
But before we speculate about housing performance in January, here’s what Re/Max had to say about market performance in 2013:
- Nationally, an estimated 466,000 homes will be sold in 2013, an increase of three per cent over the 453,372 sales recorded in 2012 (Tweet this stat).
- The average price of a Canadian home is expected to appreciate four per cent to $380,000 in 2013, up from $363,740 in 2012.
- The number of homes sold is expected to match or exceed 2012 levels in 15 out 25 of the major markets studied in the report, led by strong activity in Vancouver (10 per cent) and Kelowna (10 per cent).
- Ninety-two per cent (23/25) of the markets studied are on track to experience average price increases by year-end 2013, with Hamilton-Burlington leading at 7.5 per cent, followed by Barrie and District at seven per cent, Calgary and St. John’s at six per cent, and Greater Vancouver, Winnipeg and the Greater Toronto Area at five per cent.
Here’s what the report predicted for 2014:
- Home values are expected to rise by three per cent to $390,000 by year’s end (Tweet this stat).
- The GTA is expected to lead price appreciation next year, with values climbing by six per cent (Tweet this stat).
- 92 per cent or 23 or the 25 city centres studied are expected to see price appreciation.
- Home sales are expected to climb two per cent to 475,000 units by year-end.
- Estimates place the amount of sales on par or above year-ago levels in all markets with Kelowna and Calgary leading with 10 per cent and nine per cent increases respectively.