Friday, May 22nd12.3°C
26424

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 ‘‘healthy momentum‘‘ this year and rise a projected 3.7 per cent 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."

The Canadian Press


Read more Business News

26255


Recent Trending




Today's Market
S&P TSX15203.61+130.78
S&P CDNX700.51+5.09
DJIA18285.74+0.34
Nasdaq5090.79+19.05
S&P 5002130.82+4.97
CDN Dollar0.8161-0.0034
Gold1206.00+1.60
Oil57.45-1.98
Lumber268.90-0.70
Natural Gas2.905-0.044

 
Okanagan Companies
Pacific Safety0.135+0.010
Knighthawk0.010.00
QHR Technologies Inc1.45+0.00
Cantex0.03-0.01
Anavex Life Sciences0.372+0.032
Metalex Ventures0.09+0.01
Russel Metals25.82+0.02
Copper Mountain Mining1.41-0.02
Colorado Resources0.10-0.00
ReliaBrand Inc0.0097-0.0003
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.185+0.000
Decisive Dividend Corporation2.20+0.60

 



26401

FEATURED Property
228908022 2493 Casa Palmero Drive
3 bedrooms 3 baths
$689,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...


Squaring the circle

Photo: Thinkstock.comI have been reading about market segmentation and choice. Howard Moskowitz’s research into tomato sauce as retold by Malcom Gladwell on the TED talks (http://www.ted.com/tal...

_



26418




Member of BC Press Council


25334