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Canadian house prices forecast to increase by 6.5% |
(NC)—Canada's housing market is poised for continued, yet moderate, growth this year with average house prices forecast to rise by 6.5 per cent to $293,000, according to the 2007 Royal LePage Market Survey Forecast. Nationally, the number
(NC)—Canada's housing market is poised for continued, yet moderate, growth this year with average house prices forecast to rise by 6.5 per cent to $293,000, according to the 2007 Royal LePage Market Survey Forecast. Nationally, the number of property transactions is expected to decrease by 3.0 per cent to 468,000 units sold.
So what's happening in your neck of the woods?
Vancouver
A marginal increase in Vancouver's housing inventory has shifted the city's market from the frenetic pace that dominated the housing scene towards more balanced conditions in 2007.
Calgary
The combination of Calgary's steadfast economy, high employment rates and the active oil sands fuelled the city's hot real estate market last year. This year, Calgary's economy is expected to remain robust and will continue to underpin healthy activity in the real estate market.
Edmonton
A sustained shortage of inventory resulted in average house prices in Edmonton rising at record rates at the end of 2006. This year, the market is expected to experience continued growth, but at a more moderate pace.
Regina
Regina finished 2006 on a strong note as affordable interest rates and strong consumer confidence drove buyers into the market. In 2007, move-up buyers are expected to account for a larger portion of activity than in previous years.
Winnipeg
Winnipeg's housing market finished 2006 on a strong note, due to unseasonably mild-weather conditions. This year, the housing market should remain steady, though average price increases are expected to be more moderate.
Toronto
Fuelled by a vibrant economy and strong consumer confidence, Toronto's housing market sustained robust activity levels in 2006. Look for homes that show well and that are priced accurately to continue to sell quickly this year.
Ottawa
Balanced conditions defined Ottawa's housing market in 2006. In 2007, look for conditions to remain the same. Excellent employment opportunities in the financial and tech sectors combined with low interest rates will continue to drive consumer confidence.
Montreal
Strong consumer confidence and low interest rates contributed to balanced conditions and moderate price increases in 2006. In 2007, the housing market is forecast to experience more moderate price appreciation, given expectations of slightly longer listing periods and higher listing inventory.
Halifax
Halifax finished 2006 with balanced, healthy conditions. This year, average property prices are expected to rise moderately.
More information on trends in your neighbourhood is available online at www.royallepage.ca.
Credit: www.newscanada.com |
