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Housing market on solid footing 2014

Preliminary December sales data from several cities indicate Canada’s housing market is entering the new year in solid shape, with prices again showing more strength than economists expected.

After the protracted sales slump that hit the market in the summer of 2012, economists were surprised by the degree to which it rebounded during the latter half of last year. The spring market got a jolt from falling mortgage rates and, ironically, sales got an even bigger boost in the late summer and early fall from rising mortgage rates.

“Prices have been much stronger than we anticipated them to be,” said Toronto-Dominion Bank real estate economist Diana Petramala.

Stats:

  • The benchmark price of a single family home in the Calgary area is now $472,200, up 8.6 per cent from a year earlier.
  • The benchmark in Vancouver is $603,400, up 2.1 per cent from a year earlier despite that city registering the steepest market correction in the past two years.
  • The average price of homes that sold over the Multiple Listing Service in the Toronto area last month was $520,398, up by 8.9 per cent from the average selling price in December, 2012.
  • The average selling price in Toronto for all of 2013 was $523,036, up 5.2 per cent from the average in 2012.
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