Housing prices rise in 4th quarter of 2013; expected to keep rising, says Royal LePage
TORONTO - The latest Royal LePage housing survey shows average price of a home in Canada increased between 1.2 per cent and 3.8 per cent in the fourth quarter of 2013.
It says the average cost of a standard two-storey home rose 3.6 per cent year-over-year to $418,282, while detached bungalows went up 3.8 per cent to $380,710.
Royal LePage says the price of a standard condominium rose 1.2 per cent during the quarter to an average of $246,530.
The real estate company says prices are expected to maintain a â€˜â€˜healthy momentumâ€˜â€˜ this year and rise a projected 3.7 per cent over 2013.
CEO Phil Soper says late 2013 saw the housing market transition to â€˜â€˜buoyant sales volumesâ€˜â€˜ and above-average growth.
He says that in the absence of â€˜â€˜some calamitous event or material increase in mortgage financing costs,â€˜â€˜ he expects positive momentum to characterize 2014.
"We predict continued upward pressure on home prices as we move towards the all-important spring market.â€˜â€˜ he said.
"Talk of a 'soft landing' for Canada's real estate market in the new year is misguided,â€˜â€˜ continued Soper.
â€˜â€˜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."
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