WHAT SOFT LANDING?
Bullish Realtors See no Slowdown at all for ‘Strong’ Housing Market
This article originally featured on financialpost.com
It says the average cost of a standard two-storey home rose 3.6% year-over-year to $418,282, while detached bungalows went up 3.8% to $380,710.
Royal LePage says the price of a standard condominium rose 1.2% during the quarter to an average of $246,530.
The real estate company says prices are expected to maintain a “healthy momentum“ this year and rise a projected 3.7% over 2013.
CEO Phil Soper says late 2013 saw the housing market transition to “buoyant sales volumes“ and above-average growth.
He says that in the absence of “some calamitous event or material increase in mortgage financing costs,“ he expects positive momentum to characterize 2014.
“We predict continued upward pressure on home prices as we move towards the all-important spring market.“ he said.
“Talk of a ’soft landing’ for Canada’s real estate market in the new year is misguided,“ continued Soper.
“We expect no landing, no slowdown, and no correction in the near-term. Conditions are ripe for as strong a market as we saw in the post-recessionary rebound of the last decade.”