National Highlights:
-The U.S. economic recovery is strengthening Canada’s export and manufacturing sectors, Canadian consumer confidence and the health of the housing market in turn.
-In 2014, Canada’s largest metropolitan markets will continue to benefit from increased foreign real estate investment resulting from a weak Canadian dollar that is currently at $0.90 U.S.
-The transfer of approximately $1 trillion in inheritance to Canadian baby boomers over the next 20 years is fuelling the housing market as millennial-first time buyers are assisted in home purchases and baby boomers utilize new capital to change homes, downsize and purchase recreational property.
-Healthy immigration levels continue to contribute to strong urban housing markets, with the strongest impact felt in Toronto and Montréal, followed by Vancouver and Calgary.
-Historically low interest rates continue to encourage buyer and investor confidence, as economists anticipate no key interest rate changes until 2015.
Calgary Market Highlights:
Following record-setting growth in 2013, Calgary housing sales and prices are expected to trend upward through the spring.
-Low levels of resale and rental inventory combined with strong consumer demand predict a continued trend of multiple offers, bidding wars and above-asking prices, particularly in the single family home segment.
-Economic strength from oil, gas and potential pipeline projects will support gains in immigration and net migration, bolstering demand for housing.
From: Kyle Stone, Real Estate Agent with Sotheby’s International Realty Canada
