Here is the latest market commentary provided by First National Financial LP.
Canada’s housing market is showing great staying power in the face of the global economic slowdown and concerted federal efforts to cool it off.
The real estate firm RE/MAX and the Canada Mortgage and Housing Corporation have both issued reports indicating this year will end almost on par with last year and that there will be some modest increases for 2013.
In its annual forecast, the real estate company says 2012 will finish within 1% of 2011 with sales of 454,000 existing homes and it predicts that will hold steady for 2013.
In its third-quarter outlook CMHC comes in slightly higher at 457,400 homes and projects more than 461,000 sales next year. The Crown Corporation also tracks new home construction and is putting housing starts in the range of 214,000 this year. It expects starts to fall to 194,000 for 2013.
Both groups are forecasting home price increases of between 1% and 1.5% for 2013.
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