Canadian Real Estate Association boosts projections for 2014 home price gains

Canada’s property market is set to perform better than previously thought, with average prices rising 3.8 percent during 2014 to $397,000 (Canadian), 1.3 percent higher than estimated at the start of the year and $20,000 more than forecast in June 2013. Prices are also expected to increase 1.1 percent on average in 2015, says the Canadian Real Estate Association (CREA) in an updated and extended market forecast. Sales volumes are also expected to grow. The Canadian property market, which did not decline as much as other nation during the global crash, has been expected to fall, by some experts, but prices have continued to edge up and rise fast in leading cities, including Calgary, Vancouver and Toronto, and CREA has kept increasing its average home price forecast over the last year Sales in 2014 are forecast to reach 463,700 homes, up 1.3 percent year-on-year and in line with the 10-year average. British Columbia is set to lead the way at 8.3 percent with growth in most other provinces expected to range from 3 percent to -3 percent, although a bigger fall is expected in Nova Scotia. In 2015, Alberta is forecast to post the biggest average price rise of 2.5 percent, with Manitoba at 2 percent and Ontario, Saskatchewan, and Newfoundland and Labrador around 1 percent and others at 0.5 percent. – See more at: http://www.inman.com/2014/04/07/canadian-real-estate-association-boosts-projections-for-2014-home-price-gains/#sthash.JCpKhwAe.dpuf

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