Edmonton market will be slow but steady this year say realtors
Realtors and brokers in the Edmonton area
are undeterred by falling oil prices and are optimistic that the market will continue to grow. The Realtors Association of Edmonton is predicting that market conditions will be slower in 2015 but will still maintain steady growth. Its annual forecast shows that sales of single-family homes will stay at much the same level as last year, while condos and townhouses will see increases of 2.5 per cent. Despite flat sales volume, prices for single-family detached properties are set to increase by 3.5 per cent, while condos and townhouses will cost 2.5 per cent more by the end of the year.
GTA narrowly misses annual sales record
Just 326 more sales would have set a new home sales record for the Greater Toronto Area
in 2014. Figures from the Toronto Real Estate Board reveal that a lack of listings created bidding wars and increased prices in the GTA last year by 8.4 per cent. The total number of homes sold was 92,867, falling narrowly short of the record set in 2007. The low interest rates and short supply of homes saw a year of intense activity for the market and average prices hit $566,726.
Ottawa had a reasonably good 2014
The Ottawa Real Estate Board says that the region had a stable year in 2014, despite the weaker condo sector. There was a 0.3 per cent rise in MLS sales to 13,928, although condos saw a 7.2 per cent decline. Prices saw a rise of 1.2 per cent to reach an average $361,712.
First-time buyers may need $500,000 but ownership is still favourable
First-time buyers have something of a mountain to climb these days with price increases pushing the amount needed for a downpayment higher during the last year. Despite low interest rates it is still a daunting prospect to take on a home loan of the size required for some starter homes; in Toronto
, it could mean a $500,000 loan for even a modest property. That said, home ownership is still the aspiration of most and experts say that it is still a good option. Dana Senagama of CMHC told CBC that the market is set to remain strong, while interest rates are low and houses will still be a hot commodity, especially in Toronto
. Immigrants are an important driver of the housing market, she says, with those that have been in Canada for a few years looking to own their own home.
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