Royal LePage has released its House Price Survey and Market Survey Forecast, reporting that the average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter of 2013.
According to the report, prices are expected to maintain “healthy momentum into 2014.” The survey indicated that year-over-year average home prices for “standard two-storey homes” increased by 3.6% in the fourth quarter of 2013, to $418,282. Detached bungalows saw an increase of 3.8%, to $380,710, while condo prices increased 1.2% to $246,530. Royal LePage also projects a 3.7% increase nationally in 2014, with a shift to a seller’s market in the first part of the year.
Phil Soper, president and CEO of Royal LePage, attributes this projection to the later months of 2013, during which he says “the country’s housing market emerged from a year-long correctional cycle of dramatically slowed sales volumes.” Soper added that the end of last year experienced above-average sales growth and “buoyant sales volumes”, which are expected to continue into 2014.
Further, Soper noted that “aggressive government intervention, such as further restrictions on first-time buyer’s access to insured mortgage financing, or significant increases in interest rates, is unlikely to occur in 2014.” Looking forward to the spring market, Soper added that Royal LePage expects “no landing, no slowdown, and no correction in the near-term. Conditions are ripe for as strong a market as we saw in the post-recessionary rebound of the last decade.”
In Ottawa, average prices for two-storey homes increased 2.2% to $397,667 while detached bungalows increased by 2.4%, to $395,167. Standard condominium prices declined slightly, which is attributed to a surge in available units. Due to the local nature of real estate market trends, ensure you speak with your sales representative for specific home price information in your neighbourhood.
The Royal LePage House Price Survey is released quarterly and is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. To read the full report, please visit the Royal LePage website.
If you’re looking for more specific details, please contact us directly or search our website for a sales representative who can help you. You can also sign up to receive regular blog entries, including the latest real estate news and trends, delivered directly to your e-mail inbox.
