Property prices across Canada are likely to continue rising for the next three years, according to a new report.
The Conference Board of Canada’s Autumn Metropolitan Housing Outlook, reveals that prices for existing homes in the country are expected to rise during each of the next three years in all nine cities covered in the report.
Vancouver will remain the most expensive city during this period, with the average resale house price forecast to reach CDN$769,468 by 2015, an increase of more than 4.4 per cent from 2013. #
Once again, Calgary is expected to see the largest increase in housing prices in percentage terms between 2013 and 2015, with Edmonton and Winnipeg close behind.
The rest of the metropolitan areas will experience more moderate growth, in line with the national average.
This year, the study found that resale prices have been stronger than previously anticipated, with the national average price expected to increase by 3.1 per cent in 2013, up from the anticipated 0.9 per cent rise predicted in the previous Housing Outlook released in the spring.
The report also found that the number of new houses starting construction in Canada has slowed in the past few years, but states that overall there is still room for future growth and the Canadian residential market remains solid.
“The housing market has transitioned back to a more sustainable pace and data suggests that it will remain stable,” said Brian Hurley, Chairman and CEO of Genworth Canada. “This means a healthy market with reasonable growth, which will enable Canadians to have more confidence in both home ownership and its relative affordability.”
Article published 20th November 2013