Design district.The property market may repeat the boom of a decade ago. Although the global economic crisis has hit the Canadian economy hard, the country’s real estate market is still strong.Please Visit: Design district to Get Your VVIP Registration Today!
Although home sales are down nearly 2.6% compared with last year, average house prices in Canada are still rising. Some analysts believe that the country’s real estate market may return to the prosperity of a decade ago.
According to a revised plan by the Canadian Real Estate Association (CREA), the Canadian real estate market has resisted the economic downturn, with property sales up 3.6 per cent and average house prices up 3.7 per cent in May compared with April. By 2014, the Canadian housing market looks set to return to the boom of a decade ago.
Douglas Porter, chief economist of the bank of Montreal, said that nationwide, real estate transaction volume rose for the third month in a row, with sales up 3.6%. In fact, house prices are rising in 24 of the 26 major cities.
In fact, all the economic indicators have left housing watchers confused and divided on market orientation, not to mention owners and potential buyers. According to CREA, the Canadian real estate market is an unusual and unpredictable market, and although the number of transactions fell 2.6% from a year earlier, the average Canadian house price in May was $388910 per unit, up from $375062 earlier this year.
The National Real Estate Association of Canada agreed: “before the new mortgage rules came into effect last year, there was a lot of activity in the national real estate industry, marking a significant increase in real estate transactions over the past nine months.” In Toronto, house prices set a record of $542174 per unit in May, up 5.4 per cent from May last year.
CREA predicts that Canadian home sales will reach 443400 by the end of the year, down just 2.5 per cent from the record sales record of 454573 in 2012, rather than the 2.9 per cent forecast by the National Real Estate Association earlier this year. It is worth noting that Alberta and Prince Edward Island are the only two provinces where sales are expected to increase in real terms this year. At the same time, the association has adjusted its sales forecast for 2014 and now expects about 464300 homes and apartments to be sold.