Canada's housing market continues to become strong this year, with increasing property values anticipated in every major markets. This prediction called for prices across to country to increase 2.8 per cent by the end of 2012, after stronger increases this past year.
Even pricey housing markets in Metro Vancouver and Toronto, where standard two-storey homes averaged $1.1 million and $629,188, respectively, in the last quarter, will see continued price appreciation in 2012, though the gain for Metro will be more muted, according to the forecast. Metro Vancouver is expected to see its average house price climb 2.3 per cent to $802,000 in 2012, while Toronto is expected to see a 2.6-per-cent jump.
Widespread calls for a significant real estate correction in 2012 simply can not be justified. The industry has considerable momentum moving into the year, and buoyed by the stimulative influence of very low interest, you should foresee the marketplace to continue to flourish, albeit at a reduced rate.
However, the stronger increases is going to be observed in cities benefiting from commodity-based economies, for example Calgary, Regina and Winnipeg, where price increases is going to be within the range of four to five per cent.
Inside the fourth quarter of 2011, the typical cost of a typical two-storey home was $375,427, up 4.2 per cent from per year previously. The typical rate of a detached bungalow was up 6.1 per cent to $344,392, while condominiums gained 3.6 per cent to $234,680. Statistics Canada reported Thursday that its new housing price index rose 0.3 per cent in November, following on a 0.2 per cent increase in October, and was up 2.5 per cent year-over-year.
Price increases in Toronto, Oshawa and Montreal offset declines in Calgary, Metro Vancouver and the Ontario metropolitan regions of Sudbury and Thunder Bay.
In Vancouver, some builders offered promotional pricing in order to sell units, which helped push new-home prices 0.3 per cent in November from October. Builders in the other areas reported lowering prices in order to stimulate sales and remain competitive, while price increases elsewhere were attributed to higher material and labour costs.
The Canada Mortgage and Housing Corp. has predicted the typical cost of a listed homes for resale to become $363,900 this year, up 1.2 per cent from 2011. The Canadian Real Estate Association predicted that the typical price will be relatively flat at $362,700. Both forecasts were made in November.
Even pricey housing markets in Metro Vancouver and Toronto, where standard two-storey homes averaged $1.1 million and $629,188, respectively, in the last quarter, will see continued price appreciation in 2012, though the gain for Metro will be more muted, according to the forecast. Metro Vancouver is expected to see its average house price climb 2.3 per cent to $802,000 in 2012, while Toronto is expected to see a 2.6-per-cent jump.
Widespread calls for a significant real estate correction in 2012 simply can not be justified. The industry has considerable momentum moving into the year, and buoyed by the stimulative influence of very low interest, you should foresee the marketplace to continue to flourish, albeit at a reduced rate.
However, the stronger increases is going to be observed in cities benefiting from commodity-based economies, for example Calgary, Regina and Winnipeg, where price increases is going to be within the range of four to five per cent.
Inside the fourth quarter of 2011, the typical cost of a typical two-storey home was $375,427, up 4.2 per cent from per year previously. The typical rate of a detached bungalow was up 6.1 per cent to $344,392, while condominiums gained 3.6 per cent to $234,680. Statistics Canada reported Thursday that its new housing price index rose 0.3 per cent in November, following on a 0.2 per cent increase in October, and was up 2.5 per cent year-over-year.
Price increases in Toronto, Oshawa and Montreal offset declines in Calgary, Metro Vancouver and the Ontario metropolitan regions of Sudbury and Thunder Bay.
In Vancouver, some builders offered promotional pricing in order to sell units, which helped push new-home prices 0.3 per cent in November from October. Builders in the other areas reported lowering prices in order to stimulate sales and remain competitive, while price increases elsewhere were attributed to higher material and labour costs.
The Canada Mortgage and Housing Corp. has predicted the typical cost of a listed homes for resale to become $363,900 this year, up 1.2 per cent from 2011. The Canadian Real Estate Association predicted that the typical price will be relatively flat at $362,700. Both forecasts were made in November.
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