Royal LePage’s recently released Canadian House Price Survey shows that the average selling price of a home in Canada increased between 4.4 and 6.1 per cent in the third quarter of 2014, with the leading pricing increases and sales occurring in Toronto and Calgary.
“In the seven years since the Canadian housing market began its recovery from the worldwide recession, home price growth has been robust, often greater than the long-term average of approximately five per cent,” said the president and chief executive of Royal LePage, Phil Soper. “We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents refer to as the ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to grow in the months ahead, but at a slower rate than we have seen in recent years.”
Soper continued, Amidst political and economic instability in many corners of the world, the Canadian and American economies are expanding nicely. It is particularly gratifying to see our neighbours to the south back on track as a healthy America is a hungry America, and Canadian exports are on the menu. The Canadian dollar is currently sitting in a sweet spot that is low enough to support economic growth in an impactful way, yet not so low as to suggest pending economic troubles. Expect the resulting growth in exports to stimulate improvement in domestic business investment which should drive new and better jobs, and nothing save low interest rates propels the housing market like job creation.”
For more information, read the Royal LePage press release here.