RE/MAX Housing Market Outlook 2014
There are great things ahead for the Canadian real estate industry in 2014! RE/MAX recently released the 2014 Housing Market Outlook which featured a series of forecasts on the Canadian real estate market. The optimism surrounding RE/MAX’s forecasts could be triggered by Canada’s strong economic growth and steady flow of residents seeking homeownership. Whatever the reasons, RE/MAX of Canada has predicted home sales will climb 2% to 475,000 units during the next 12 months! Other note-worthy predictions include:
- The value of an average Canadian home will increase 3% to $390,000.
- Canadian residential housing market will stay in a “clear balanced territory” with a few exceptions.
- Canada is expected to be the second top-performing economy of the G7 Countries in 2014.
As for the Edmonton real estate market, the RE/MAX Housing Market Outlook for 2014 was also filled with positive predictions. If you’re still on the fence about buying or selling an Edmonton real estate home, perhaps the following market predictions will sway your decision:
- First-time buyers will drive sales of homes between $300,000 – $370,000.
- Move-up market will seek properties priced between $400,000 – $600,000.
- Edmonton Luxury real estate properties (homes priced over $750,000) are growing in popularity.
- The projected number of residential sales is 19,400 units by the end of 2014.
“The city’s commitment to higher-density living has led to the serious redevelopment in Edmonton’s downtown core. The conversion areas—traditionally appealing to the hipster crowd—have started to attract the attention of empty nesters who want to be close to the new shops, restaurants, and amenities. The success of recent revitalization projects is likely to ripple into other areas of the core, leading to a vibrant downtown lifestyle.”
To view the full report click here.
Whether you’re looking to invest in the Edmonton real estate market, want to buy an Edmonton home for sale, or sell your Edmonton home—Terry Paranych and his team of experts are here for you!