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Realty

Real estate market may not be boiling hot but will at least simmer in 2014

December 21, 2013 7:31 pm
Listings, Market

Canada’s housing market will likely simmer in 2014, despite continued demand

A report by real estate company Royal LePage suggests the average prices for standard two-storey houses and detached bungalows went up 2.7 per cent in the second quarter of this year, compared with a year ago.

Scotiabank chief economist Warren Jestin forecasts housing prices will stay flat or rise slightly, but “shrill” predictions of a drastic bottoming out in prices will likely not ring true in the New Year.

“I wouldn’t kid myself into thinking that the (upwards) trends we’ve seen over the past five years will continue. I don’t think that’s going to happen at all,” said Jestin.

“Credit growth has slowed down, home ownership levels are at record levels and employment growth is moderating. Everything is telling me that this market is going to level out, go sideways. Maybe go through a bit of an adjustment and that process is going to take two or three years, minimum.”

The Canadian Real Estate Association has projected that 458,200 previously owned homes will be sold through its members this year — eight-tenths of a per cent more than in 2012 and up from the September forecast of 449,900.

It also expects the increase to continue into 2014, as the association forecasts resales will come in at 475,000 homes nationally, up from the previous 2014 forecast of 465,600.

The national average price for a home is also expected to creep higher to $391,000 next year, from $382,000 in 2013.

CREA chief economist Gregory Klump said Canadian home prices will continue to stay close to current levels in most markets due to continued signs of a strong economy, increases in salaries, and a demand for single-family homes.

Lori-Ann Beausoleil, national leader for real estate for PricewaterhouseCoopers LLP, said the market continues to show strength compared to foreign markets.

“We’re not looking for major record highs in 2014, but we’re also not going to see for record lows,” said Beausoleil, who is also a partner at the consulting firm.

“We’re in a very balanced market right now where we have access to capital, equity, debt, opportunity to deploy that capital.”

But she noted that regional differences make it inaccurate to paint the housing market with the same brush.

Interprovincial migration has helped keeps demand for housing high in oil-rich Alberta where employment rates are strong, while B.C. is seeing some sort of a flattening after years of exorbitantly high prices, particularly in the Vancouver area. This compares to Victoria where home prices have been declining for the past few years.

It’s also difficult to compare the market for single-family homes to the market for condominiums, Beausoleil said.

One of the major concerns going into 2014 will be whether there are enough buyers for condominiums in cities such as Toronto, Vancouver and Montreal, as construction on more units are completed.

Yet, even with an oversupply, Beausoleil said there will continue to be people who are determined to buy.

“The pipeline won’t be robust as it has been historically but I think that condos, whether you’re a senior that is retiring or the younger generation who want to live, work and play in the area they live in, will continue to support the market which has offered such growth in our real estate market,” she said.

“We are not seeing a lot of pressure because you have a variety of buyers: foreign investors, Canadians migrating to urban centres, professionals and individuals who are buying them for the future as an investment.”

Read more: http://www.ctvnews.ca/

Listings for Sat Dec 21

Open Map

C2778270 – M6C – 461 ATLAS AVE Toronto, Ontario – $ 849,900

Price Change. Dec 21: $ 849,900 Nov 22: $ 899,900 Nov 6: $ 949,900
Fantastic Custom Built 3 Storey-Rare 4 Bedroom-5 Bathroom-2 Kitchens Cedarvale Home-4 Levels Of Bright Living Space Await You -Open Concept Main Floor …

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C2795929 – M6C – 5 GLEN CEDAR RD Toronto, Ontario – $ 1,895,000

Price Change. Dec 21: $ 1,895,000 Dec 5: $ 1,929,000
* Much Admired Rare, Lower Cedarvale 5 Bedroom Residence On Prestige Glen Cedar Rd * Finest Location On 50 X 120 Private, Treed Lot Amongst …

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C2800184 – M5S – 101 MAJOR ST Toronto, Ontario – $ 898,000

Price Change. Dec 14: $ 799,000 Dec 21: $ 898,000
Absolutely Stunning Century Home Located On Mature & Quiet Street In Prime South Annex. Beautifully Renovated 4 Bedroom Home W/Self-Contained Apartment & …

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C2802381 – M2P – 108 OWEN BLVD Toronto, Ontario – $ 3,280,000

Tarion Warranty! Built In 2012. The Widest Lot(78Feet) On The Street. Good For Kids ( Crossroad Of A Park And School!)Spacious 3 Car Garage. Wooden …

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C2802440 – – $ 6,580,000

Fabulous Sun Filled Home W/Back To Park On One Of Toronto s Most Prestigious Streets In Bridle Path Area. Luxuriously Gated Neo-Classical French Style …

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C2802482 – M2R – 30 DUNBOYNE CRT Toronto, Ontario – $ 599,000

Unbeatable Price For This 3 Bedroom Bungalow In Quite Neighborhood. Home Features Exquisitely Finished Basement With Separate Entrance. Perfect For In …

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C2802518 – M5M – 67 JOICEY BLVD Toronto, Ontario – $ 1,225,000

Prime Cricket Club Home With A Little Tlc Needed. Beautiful Garden, A Prime Lot For Future Development, …

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C2802586 – M4V – 6 EDMUND GATE Toronto, Ontario – $ 4,195,000

Rare Estate Opportunity To Renovate Or Build Your Custom Dream Home. One Of Toronto s Most Coveted Private Streets. Note 100 Foot Frontage. Grand …

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C2802611 – M2N – 128 ELMWOOD AVE Toronto, Ontario – $ 1,129,000

For More Information, Visit …

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C2802618 – M5V – 508 WELLINGTON ST W Toronto, Ontario – $ 1,499,900

New 3-Bdrm, 3 Washroom One Of A King Condo Townhouse In The Prestigious New “”Downtown”” Condominium Building Being Built On The Best Exclusive Stretch …

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C2802619 – M5V – 508 WELLINGTON ST W Toronto, Ontario – $ 1,370,000

New 2-Bedroom, 3 Washroom One Of A Kind Condo Townhouse In The Prestigious New “”Downtown”” Condominium Building Being Built On The Best Exclusive …

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C2802632 – M5S – 7 MAJOR ST Toronto, Ontario – $ 1,089,000

South Annex Stunning Victorian Home. Renovated. Convenient Location Close To College Street Near Uot. Currently Two 2 …

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C2802683 – M2N – 115 HARRISON GARDEN BLVD N Toronto, Ontario – $ 968,000

Tridel Luxury Townhouse In Avonshire Community, End Unit Beside Park, Only 51 Townhouses, 9 Ceiling For Main Floor & Basement Finished As Family Room …

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E2781405 – M4M – 287 LOGAN AVE Toronto, Ontario – $ 919,000

Price Change. Nov 10: $ 849,000 Dec 21: $ 919,000
Amazing Large Corner Detached Home In Prime Riverdale, 3+1 Bedrooms, 3 Washrooms, Exceptional Fully Renovated, Rare 2 Car Garage. Wide Light-Filled, …

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E2795778 – M1B – 55 UPPER ROUGE TR Toronto, Ontario – $ 629,900

Price Change. Dec 21: $ 629,900 Dec 5: $ 677,000
Seller Spent Over $ 70,000 For High Quality Stone Interlocking Around The House, Beautifully Landscaped With Built In Gazebo, Built In Storage Shed Etc. …

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E2802421 – M1K – 38 SHEDIAC RD Toronto, Ontario – $ 559,000

Awesome, Professionally Renovated 3 Bedroom Bungalow – A Must See! Refinished Top To Bottom In 2013: Contemporary Kitchen W. S.S. Appliances, Granite …

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E2802442 – M1G – 42 SAMSON CRES Toronto, Ontario – $ 449,500

** Please Click View Multimedia For Virtual Tour*** Wow!!! Gorgeous, Well Maintained, Updated, Spacious 3 Bdrms +2 Full Washrooms Bungalow Recently …

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E2802508 – M1B – 27 MCINNES CRES Toronto, Ontario – $ 499,900

Bright And Spacious Home On Premium Lot, Quiet Crescent, New Roof 2006, Ceramic Tiled Foyer, Hallway, Laundry & Powder Room, Newly Renovated Family Size …

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E2802521 – M1N – 23 BIRCHMOUNT RD Toronto, Ontario – $ 1,219,000

A Country Home In The City, 15 Min To Bay & King, A Total Entertainment Home W/ Theatre Home Theatre Marantz Paradyme , W/Gym In Garage (Can Remove), W/ 3 …

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E2802667 – M1B – 56 WICKSON TR Toronto, Ontario – $ 419,000

Updated Well Dept Bungalow W/ Deep Lot Detached 1.5 Garage And Huge Driveway. Home Renovated Interior Fully New Kitchen, New Washroom (2012), Garage Roof …

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E2802707 – M4M – 182 BOULTON AVE Toronto, Ontario – $ 799,000

Location, Location!! South Riverdale Area, Close To D.V.P. & T.T.C., 24 Hrs. Street Car, One Bus To Subway, Walk To Shopping Mall, …

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W2745029 – M9N – 136 WILLIAM ST Toronto, Ontario – $ 399,990

Price Change. Dec 21: $ 399,990 Sep 24: $ 439,000
In The Heart Of Weston Village. Upgraded 2012 (Fag Furnace, Cac, Electrical, Plumbing, Windows, Front & Back …

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W2796079 – M3N – 34 WHEATSHEAF CRES Toronto, Ontario – $ 484,900

Price Change. Dec 21: $ 484,900 Dec 5: $ 489,000
Dynamic North York Income Property! 4 Bedroom Detached Home. Large Front Patio. Large Eat-In Kitchen With Walkout To Large Yard. …

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W2802360 – M6N – 59 MILLER ST Toronto, Ontario – $ 529,900

Amazing Renovations, Large, Open Concept Property, Plenty Of Upgrades, Brand New Hardwood Floors, Laminate, Lighting, Hardware, 2-4 Piece Bathrooms, …

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W2802412 – M3J – 33 FALLINGDALE CRES Toronto, Ontario – $ 453,000

*** Fabulously Well Maintained Four Bedroom Spacious Home- Great For A Large Family*** …

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W2802454 – M6R – 91 FERMANAGH AVE Toronto, Ontario – $ 899,900

Just In Time For The Holidays ! 2000 S.F. Of Space In Trendy Roncy Village. Down To The Studs Reno, New Mechanicals, Roofing, Wiring, Plumbing, Deck, …

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W2802646 – M3L – 49 YATESCASTLE DR Toronto, Ontario – $ 429,900

Lovely Spacious High Demand Bungalow!! Gleaming Newly Refinished Natural Hardwood Floors And Ceramics Thru-Out Main Floor!Main …

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W2802647 – M9P – 216 LA ROSE AVE Toronto, Ontario – $ 698,000

Location! Location! Location! This 2000 Sq Ft Home Is Situated In A High Demand Area Close To Transportation, Shops, Schools, Parks & Hospital. …

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