House prices are expected to increase just “moderately” across Canada this year, led by above average gains in the Greater Toronto area but saddled by uncertainty in the West thanks to slumping oil prices. House prices gains are likely to slow this year, but still average about 2.9 per cent across Canada, says realtor Royal LePage in its annual house price survey and market forecast released Wednesday. Toronto is expected to lead the pack when it comes to price increases this year, with the realtor saying the average home price in Canada’s largest city is forecast to rise by 4.5 per cent, although that would be well behind last year’s pace. It anticipates that the shift of economic activity from West to East, combined with the strengthening U.S. economy, could help drive even more demand for housing in the GTA. That would bring the average resale price of condos and houses combined across the GTA to $592,000 — up from $566,500 in 2014 and $524,089 in 2013. Vancouver is expected to see the second-biggest average jump in prices, up 2.8 per cent, followed by a 2.4 per cent gain in Calgary, among several of the major centres surveyed across the country.
Posted on: Thu, 15 Jan 2015 05:57:02 +0000
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