Friday, November 28th-2.2°C
24124
23988

Average price of home sold over 400K

Canadian Real Estate Association has trimmed its sales forecast for this year even as home sales in February rose slightly compared with the previous month.

In a new forecast of Canada's closely-watched housing market, the real estate association says 2014 is off to a slower start than many years but there's no sign of a crash and predicts activity will pick up.

CREA sees resales trending higher this spring, riding the wind of slightly lower mortgage rates, but levelling off in the second half of 2014 when rates are expected to firm slightly.

However, even then, the expanding economy will likely continue to support housing, the association said Monday in an update to its December forecast.

The association now forecasts sales in 2014 will total about 463,700 units, slightly below the 475,000 projection in December, but still above last year's 457,893 sales.

"Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growth, and restrain the momentum of sales activity," said Gregory Klump, the association's chief economist.

Sales through the Multiple Listing Service in February were up were up 0.3 per cent from January and up 1.9 per cent compared with a year ago.

The national average price for a home sold last month was $406,372, up 10.1 per cent from a year ago, boosted by a pick up in sales in the pricey Vancouver market.

February's increase in home resales broke a streak of five straight monthly declines.

TD Bank economist Diana Petramala says Canada's housing market is moderating, although that hasn't been reflected in prices -- as yet. She says that will likely happen next.

"Overall, sales are likely to continue at their current, sustainable pace while rising listings (of homes for sale) will help deflate price pressures over the next few years," Petramala said.

COMMENTS WELCOME

Comments on this story are pre-moderated and approval times may vary. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.



Read more Business News

23630


Recent Trending




Today's Market
S&P TSX14787.99-134.45
S&P CDNX739.75-15.65
DJIA17828.240.49
Nasdaq4791.63+4.312
S&P 5002067.56-5.27
CDN Dollar0.8751-0.0066
Gold1175.20-21.40
Oil66.15-7.54
Lumber329.40+1.40
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.145-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.27-0.07
Cantex0.04-0.005
Anavex Life Sciences0.1998+0.0288
Metalex Ventures0.05+0.01
Russel Metals30.00-0.70
Copper Mountain Mining1.94-0.18
Colorado Resources0.125-0.005
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.05+0.005
Mission Ready Services0.320.00

 
24130


23457

FEATURED Property
21485054310 Hazell Road,
6 bedrooms 5 baths
$729,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Don't stop dreaming!

On Wednesday evening I drove through the Bow Valley in Alberta. It is my old home town... the first place Jackie and I moved to in 1988 when we emigrated. We ended up setting up home there and living...


Second marriage issues

It is not unusual that one or both of the parties planning to marry are approaching marriage for the second time. There are pluses and minuses to this new situation. On the plus side, individuals ente...


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...

_



24160

24185


Member of BC Press Council


22632