Saturday, August 30th15.4°C
22817

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

22710


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9194+0.0003
Gold1281.70-2.1001
Oil95.96+1.29
Lumber348.40+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22819

FEATURED Property
2018884#408 3545 Carrington Road
2 bedrooms 2 baths
$274,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22837