Canada’s housing market stronger than expected this year and will be stronger in 2014: CREA
Sales of previously owned Canadian homes are turning out slightly better than expected overall, and 2014 will be even stronger, according to a new projection from the country’s largest real estate association.
Recent reports from the Canadian Real Estate Association (CREA) show upward projections of home sales in Ontario for 2013. According to CREA's chief economist, Gregory Klump, " ... most housing markets are well balanced, including many large urban centres".
Price gains are most prevalent in areas such as Calgary and Toronto, where demand for housing is higher than the current inventory on hand. Increasing competition is said to limit price appreciation in areas such as Quebec and the Maritimes.
CREA anticipates 458,200 homes will be sold this year - an increase over the 2012 numbers, and over projections made by the association in September of this year. A strong 2014 is also predicted, with a sales projection of 475,000 homes. The 2013 projected national average price for 2013 is $382,200, an increase of 5.2% over 2012. CREA is predicting gains in this area as well, with an anticipated average price of $391,100 in 2014.