More previously owned homes to be sold in 2014

Even more previously owned homes will be sold in 2014 than projected.

Even more previously owned homes will be sold in 2014 than projected. Maclean’s magazine is citing a report by the Canadian Real Estate Association suggesting 458,200 houses will be listed in 2014, up from its estimate in September of 449,900.

Resales nationwide are likewise expected to increase, from an initial forecast of 465,600 homes to 475,000.

Another area in the real estate business that will rise is the national average price for a home. The cost in 2013 was $382,000; industry insiders anticipate that in 2014, this cost will rise to $391,000.

However, any rise in housing costs will not be astronomical but remain steady, following current rates. CREA Chief Economist Gregory Klump attributes this to factors that make the market strong, competitive and at the same time affordable. The national economy remains robust, homeowner salaries are well above the average – which is probably the reason behind the continuing demand for single-family homes.