Housing and real estate markets have been a source of grave concern across the world in recent years. In Canada, however, it’s been nothing but good news for property sellers during 2013, and the domestic market in this country only looks like it’s going to get stronger. For Toronto and other Canadian cities, this means that now is a great time to invest in a home or other piece of property.
Real estate sales projections released by the Canadian Real Estate Association (CREA) have been outpaced by actual sales during 2013, according to this article published by The Toronto Star. Although competition among sellers has increased in Quebec and the Maritimes, Ontario and the four western provinces have enjoyed a much more solid real estate market than expected this year.
The CREA expects that member real estate brokers will sell about 458,200 homes through 2013, up from an earlier prediction of 449,900 homes. The organization has also increased its forecast for homes sold in 2014, up from 465,600 homes to 475,000 homes, an increase of almost 10,000 properties.
Not only are the number of actual sales increasing, but also the average price for a home sold has also been increasing at a rather fast rate. During 2013, the average sale price for real estate has been projected at $382,200 per transaction, an increase of 5.2 percent over the previous year. In the upcoming 2014 year, a projected 2.5 percent increase would raise the average sale of a piece of real estate to $391,100 per year.
Leading the way in this real estate charge are city markets like Toronto, where low-rise housing for families is selling at a premium. Other regions, like other communities spanning southern Ontario and urban centers like Calgary, have been the site for some amazing gains in property sales. However, even with all of this increase in sale price, the average sale price in the Ontario province is situated just below inflation.
The sales in Toronto are stronger than they’ve ever been. Now is a great time to make a great investment in a growing market before real estate market prices really start to soar. If you’re looking to make the Greater Toronto Area or southern Ontario your next home, consult with Janterra Real Estate Advisors to find the best listings available to match both your needs and your budget.