Despite stricter government rules on mortgage lending and plenty of economic uncertainty, the Canadian housing market performed considerably well in 2012 and the forecast is steady and consistent heading into 2013.
According to the RE/MAX Housing Report, all of the key areas of housing are expected to improve or remain steady in 2013:
• In 2012, the average price of a Canadian home is estimated to be $364,000. That’s expected to increase 1 percent to about $366,500 in 2013.
• While total national sales dropped 1 percent for 2012, they are expected to remain steady in 2013.
• In 2012, 454,000 homes changed hands, which will also remain steady in 2013.
“Home sales have moderated, but remain within healthy levels,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Greater optimism is expected to return next year, as the economy marks further improvement.”
Sandhu, who was recently interviewed on Canada’s Business News Network, said the tightened mortgage rules forced many first-time homebuyers to wait at least another year before their big purchase. Because of that, he expects to see more first-time homebuyers enter the market in 2013.
• Ottawa home price increases to slow — Ottawa Business Journal
• Edmonton house prices climbing steadily — iNews880.com
• Housing prices still climbing in Winnipeg — CBC.ca
• As Canada’s Hottest Home Markets Cool, RE/MAX Looks East