Canadian real estate rebounded strongly in late 2013: Queen’s University expert
Queen’s University real estate expert and Director of the Queen’s Real Estate Roundtable John Andrew is available to discuss the rise in housing prices towards the end of 2013. He is also able to discuss the Canadian Real Estate Association’s sales and price data that will be released later this morning.
Recent indicators, such as the Teranet-National Bank House Price Index released on Tuesday, show that Canadian real estate markets rebounded strongly in late 2013. This has been led by Toronto, Vancouver, Calgary and Edmonton; and was reflected in increases in both house prices and sales volumes.
But the most-watched benchmarks are the CREA’s sales and price data, which will be released for all major markets on Wednesday morning.
“What seems to be driving both price and transaction volume increases is a combination of two perceptions widely held by buyers: that continuing to wait for prices to fall is futile; and that mortgage rates will eventually rise” says Dr. Andrew. “Some are even concerned that the federal government may soon introduce yet another round of tightening of mortgage lending rules, further increasing the cost of buying a home. This is combined with renewed higher consumer confidence, driven by recent positive news on both income levels and job growth, and the strong performance of the equity markets.”
Follow Queen’s News and Media Services on Twitter: http://twitter.com/QueensuMedia.
Attention broadcasters: Queen’s has facilities to provide broadcast quality audio and video feeds. For television interviews, we can provide a live, real-time double ender from Kingston via fibre optic cable. Please call for details.