New Year Prediction for Property Sale in Canada

The Prairie sales forecast is also on the rise. Alberta and British Columbia are the provinces according to CREA, where its annual sales will supposedly rise as compared to the previous year.

Prediction for National Activity:

Next year, 2014, will witness national activity reach 465,600 units with a 3.5% rebound while keeping within its average for the past 10 years. According to CREA, the increase that has been forecast is a reflection of the sales activity strength along with income, job and economic growth in total, offering small rise in mortgage interest rates.

The most powerful sale increase in 2014 will be supposedly posted by British Columbia, which will display a 6.7% increase in comparison to a very weak result in the year 2013. The forecast for the majority of other provinces for posting gains will range between 2-4%. The average prices have remained firm against expectation owing to national sales share rise among various pricey and large markets in comparison to the previous year.

Projections for National Average Home Price:

This projection involves a rise of 3.6% leading to $376,300 in the present year, 2013 in which the gains will be the strongest and range anywhere between 4% and 5% for the Prairie areas while the gains for Newfoundland and Labrador is estimated to be 6%. The average growth price of Ontario and British Columbia is expected to lie below the national increase, come below 1% in the Nova Scotia province and rise by a little below 1% in the New Brunswick and Quebec provinces. According to the Chief Economist of CREA, Gregory Klump, the several sales related inventory levels will play an important role in shaping the home price environment for Nova Scotia, New Brunswick and Quebec provinces.

He adds that the balance between home price and average growth price are indicative of the listings’ abundance that the buyers are exposed to for choosing a property in the above-mentioned provinces. This, in turn, can keep a check on the pricing prospects till such time the sales brings down the inventories.

Conclusion:

The forecast for next year in the national average price is a rise of 1.7% to $382,800. The province of Alberta is predicted to witness a leap in average price in the coming year of 3.4% with Manitoba, Saskatchewan and Newfoundland and Labrador regions gains that have surpassed the total consumer price inflation. The New Brunswick and Quebec average prices are also predicted to experience stability in the upcoming year while the other provinces lengthening their gain range from as little as 0.5% to at least 1.5%.

Author’s Bio: Alisa Martin has been authoring articles on the subject of real estate. She has contributed articles on real estate investing to Professionalsvicpark.com.au/landlord-information/ and other related websites.

ABOUT THE AUTHOR

ALLAN MADAN

CPA, CA

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.

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