Home sales across the country in 2013 have already produced totals that have surpassed the expectations of Canada’s top real estate industry organization.
The Canadian Real Estate Association (CREA) released a report Monday stating that housing markets will continue their upward trend, which could continue into 2014. In fact, CREA forecasts more sales next year as compared to this year and the year before.
A CREA projection indicates that 443,400 homes will be sold across Canada this year, with that amount expected to increase by 4.5% to 464,300 in 2014. These predictions demonstrate that a more buoyant market will likely increase buyer confidence country-wide.
“Overall, this is relatively encouraging news,” Douglas Porter, chief economist with BMO Capital Markets told The Ottawa Citizen. “If anything, the surprise has been how healthy the housing market has been.
“The overall message is that there is still some strength in the economy. This has gone hand in hand with better job news and some more encouraging reports generally.”