A prediction from Royal LePage indicates that Canada’s housing market will favour sellers in the first half of 2014, with a strong spring on the horizon, reports The Globe and Mail.
The brokerage is also predicting that house prices will maintain their momentum.
“We predict continued upward pressure on home prices as we move towards the all-important spring market,” Phil Soper, CEO of Royal LePage said in a press release.
The Canadian housing market never officially headed into buyer’s market territory during the correction that occurred in the summer of 2012, but it was incredibly close. It teetered on the edge between a balanced market and a buyer’s market, which was determined by the ratio of sales to new listings, Soper said in a recent interview.
Soper also refuted claims by experts that the market was also headed towards a soft landing.
“In addition to normal demand, housing prices in Canada this year will be influenced by buyers who put off purchase plans in the very soft spring of 2013,” said Soper. “Talk of a ‘soft landing’ for Canada’s real estate market in the new year is misguided.”
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