Hamilton is 2015 boom town says TD Bank
Hamilton is the only city where house prices will grow in 2015/16 according to TD Bank. Economists have examined the housing market in 14 cities across Canada and believe that Hamilton will continue to see the kind of activity that it did last year with prices increasing 6 per cent. TD Bank is not the only bank giving a positive reading for the city; BMO Financial Group also predicts that the Ontario city will outpace other markets. Hamilton is attracting attention from those looking for lower prices than Toronto but for first-time buyers it is becoming less affordable already. Demand has been exceeding supply in the last year but more units are due for completion this year. Read the full story.
Edmonton beat expectations in 2014
Last year was a good one for the housing market in Edmonton with an 11 per cent increase in MLS sales compared to the previous year. Data from the Realtors Association of Edmonton far exceed the group’s 3 per cent prediction for the year. The record price for single-family units was beaten in March and the year saw good supply of new homes which added to the activity in the city and its surroundings. December saw a fairly typical seasonal slowdown in sales. Read the full story.
Confidence in real estate prices starts the year lower
Canadian homeowners are increasingly pessimistic about real estate prices. The latest Bloomberg Nanos Canadian Confidence Index shows that those who believe prices will be higher in 6 months fell to its lowest level since May 2013 at 31.1 per cent. Last summer the figure was 47 per cent. However the broader figures for the confidence in the economy showed an increase to 55.8 last week compared to 55.1 the week before. Low oil prices are the dominant factor in the negative outlook for the housing market.
Two thirds of Canadians are optimistic of hitting their financial goals
A new poll from CIBC shows that 65 per cent of Canadians are starting the New Year feeling confident of reaching their financial goals. However that is a drop from the 76 per cent who felt the same a year ago. Among 45-54 year olds it’s an even gloomier picture with 58 per cent feeling confident compared to 77 per cent last year. This age group is also the least likely to have consulted a financial adviser in the last year. In other age groups 61 per cent of 55-64 year olds are positive compared to 71 per cent in 2013 while younger Canadians are still full of hope; 75 per cent of 25-44 year olds feel they will achieve their financial goals, down just one per cent from last year.
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