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