Survey: Home Prices in Canada to Rise Further in 2014

Survey: Home Prices in Canada to Rise Further in 2014

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Survey: Home Prices in Canada to Rise Further in 2014
 

Canada’s residential real estate market has seen constant growth in recent years, with home prices picking up in all sectors of the industry, including multi-housing and single-family homes.

In case you’re wondering where the housing market is heading, Point2 Homes has just released the results of its latest survey on housing trends and consumer confidence. It shows that the majority of Canadians, 51% to be precise, expect house prices to reach new heights in 2014, creating an ideal context for the housing market to thrive.

Most Canadians Expect Home Prices to Rise This Year

  • The grand majority of respondents – 51% – expect home prices to rise in local area;
  • 26% of respondents think local home prices will stay the same;
  • 23% of respondents say they expect home prices to decline.

Canada House Prices in 2014

Among those who believe home prices will go up this year, the majority estimate they will increase by 8% on average. Those who say that prices will head downwards estimated a drop by 14% on average. According to the highest estimate, home prices would increase by 14%, while the steepest percentage-based decline was estimated at around 20%.

Albertans Show the Highest Degree of Confidence in the Housing Market

Canada Real Estate Prices Broken Down by Province

The highest percentage of positive answers was recorded in Alberta. 73% of Albertan respondents believe that home prices will go up, compared to 51%, the average in Canada. The lowest percentage of positive answers was recorded in Saskatchewan, where only 40% of participants believe the market will remain on an ascending trajectory.

Calgary & Edmonton Residents Show Increased Optimism in the Housing Market

Real Estate Market Trends in Toronto, Ottawa, and Calgary

Calgary-based respondents believe that local home prices will rise by 11% on average this year, while the Edmonton real estate home prices are expected to rise by approximately 6%.

Real Estate Agents 30% More Bullish Than Buyers and Sellers

Real estate professionals who participated in the survey were most convinced that Canada’s housing market will trend upwards in 2014. 65% of real estate agents were positive that real estate prices would grow. The same sentiment, albeit on a lesser degree, was encountered among home buyers and home sellers, both categories agreeing that prices were most likely to remain on an ascending path (i.e. 50% of buyers and 49% of sellers strongly believe that home prices will grow).

Canadian Real Estate Agents Opinions About the Housing Market

The survey is based on 1,232 responses and was conducted by Point2 Homes between April 2014 and May 2014.

Where do you think the real estate market is headed in your area? Feel free to share your insights in the comments section below.

One Comment

  • Shawn says:

    Considering housing prices in Canada are already ridiculously over-priced, in some cases as high as 60%, how is an increase in housing costs considered a positive thing? Real estate agents and housing contractors are already bilking people out of way too much money as it is; I’ve seen people selling a 1400 sq foot town-house for almost a half a million dollars, that’s ludicrous, regardless of location. “Hey everyone! Let’s jack up housing prices so we can all live in debt to the banks for the rest of our lives! Keep feeding the system!”

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