Canadian home sales and average prices beat expectations this year, with further Real Estate growth expected in 2014, according to the Canadian Real Estate Association.
The level of activity varied widely by region, with stronger sales and price growth in western Canada and Toronto compared to Quebec and the Maritimes.
The average November average sale price of a home soared 9.8 per cent on an annual basis to $395,085, according to CREA . By removing the hot Toronto and Vancouver markets prices would grow at a far more modest 4.3 per cent, according to the CREA data.
Vancouver and Toronto Real Estate Markets accounted for 40 per cent of the average price increases in October 2013.
These two Real Estate markets accounted for over a quarter of Canada’s residential transactions since the start of the year.
According to CREA, housing price gains are always stronger in places where supply is tight relative to demand, such as we’re seeing in Calgary and in parts of southern Ontario including the low rise market in Toronto.
Prospects for price appreciation will be limited in parts of Quebec and some areas in the Maritimes, where competition among sellers has increased.”
Iris Li is a Remax Condos Toronto Realtor specializing in both new and resaleToronto Downtown Condominiums. and Toronto Homes for sale.
Recent Toronto Condos Blog Posts:
- Toronto Housing Market More Buyers Fewer Home Listings (torontocondo.wordpress.com)
- Toronto Home,Condo Sales And Average Price Mid-December (buyselltorontorealestate.com)
- Toronto Home And Condo Prices Soar In November (torontohomeandcondo.com)