Positive outlook for housing starts in 2015
Construction next year should be pretty much in line with 2014 according to new figures from the CMHC. “The trend for housing starts has been up in recent months, particularly in multi-unit structures. This has been broadly supported by key factors such as employment, disposable income and net migration, which are expected to continue to be supportive of the Canadian housing market over the 2014-2016 forecast horizon,” said Bob Dugan, Chief Economist for CMHC. The building of condos is likely to moderate during the early part of next year but that will be offset by an uptick in new single-unit starts. The agency predicts that there will be more general moderation in 2016 assuming economic conditions stay roughly in line with expectations.
Most markets to see increased prices over next 12 months
Data from CMHC has revealed predictions for house prices and sales levels over the next 2 years with most markets continuing to see price rises. Those increases are predicted to be broadly in line with current levels. There are two areas where declines are forecast; New Brunswick and Prince Edward Island. New data from Statistics Canada due today will shed more light on the state of the economy which could result in revised forecasts for housing.
Most expensive house for sale in Canada revealed
The most expensive house for sale in Canada is on the outskirts of Calgary; the first time for a while that the city has surpassed Toronto and Vancouver. The historic house that was once owned by the Ford Motor Company family boasts 2 properties on the 242 acre site and even comes with its own vintage gas station. It will set you back $37.9 million. If you need a big dining room, a property in Toronto’s Bridle Path has one large enough to seat 100 people along with 10 bedrooms and 15 bathrooms; all for a cool $28.8 million. If a coastal view is your thing then a Vancouver property comes with 1.2 acres of land but is essentially a boarded-up wreck. Not exactly a bargain at $25.8 million but the views are stunning! Read the full story.
Wages hike forecast for next year
The Conference Board of Canada predicts that we’ll all have a little more money in our pockets in 2015. Their latest report on wage outlook suggests that increases will be slightly above inflation with non-unionized staff receiving an extra 2.9 per cent and those in a union picking up 2 per cent more. Inflation is expected to be 1.9 per cent. With additional benefits for many tax payers as a result of government income-splitting rules announced yesterday it should add a little extra confidence to consumers.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate