We’ve already told you about the real estate and mortgage stats of 2013. But now that last year is behind us, and the new year lies before, we thought we’d tell you about CREA, and what they expect for this coming year. Turns out, all those that thought the market would still be struggling with high prices and would start softening are wrong. At least according to the CREA.
The national association is expecting that 475,000 will be sold across the country this year, a number that has been increased from the 465,600 they had originally come up with. The average price for one of those homes will be $391,100 – an amount that will take prices up 2.5 per cent from 2013.
When it comes to those price increases, CREA has broken them down by province to determine which province will see the largest gains. Alberta is expected to see increases of 3.4 per cent, while those in Saskatchewan, Manitoba, and Newfoundland and Labrador will keep their prices just above overall inflation. Ontario on the other hand, will see prices that are just below overall inflation.
The news is good for those still in the market trying to sell their homes, as they can expect to still see some returns on the sale – albeit they might not be as large as they had been in years past. Those trying to get into the market to buy a home shouldn’t see this as bad news either though, as the price increases won’t be so much that it shuts them out of the market completely.
What are you most looking forward to in 2014? What do you think will happen this year within the Canadian real estate and mortgage market; and what do you think should happen? What would you most like to see, whether it has to do with building and development, or prices, or simply the amount of properties that are in that marketplace in places such as Toronto? What are your real estate New Year’s wishes?