Welcome!

News Feed Item

Sotheby's International Realty Canada's Housing & Economic Outlook Predicts Robust Canadian Real Estate Market

Economic & Demographic Fundamentals Support Market Health in 2014

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/18/14 -- In a report released today by Sotheby's International Realty Canada, key economic, demographic and market indicators predict promising momentum in the residential real estate markets of the country's largest metropolitan centres this spring and into 2014. The Housing and Economic Outlook analyzes macro-level factors that anchor the health of the national real estate market, including the U.S. economic recovery, strength of the Canadian dollar, Canadian transfer of wealth, unemployment rates, immigration numbers and interest rate trends. The report also examines year-over-year market data that anticipates the trajectory of local market performance.

According to Ross McCredie, President and CEO of Sotheby's International Realty Canada, "The current economic climate in Canada sees metropolitan real estate benefiting from a weak dollar and recovering U.S. economy. Combined with demographic trends that predict demand for housing and a lack of inventory in most urban centres, the Canadian real estate market will see accelerated growth in the months ahead."

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 Montreal,
    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.

Vancouver Market Highlights:


--  Driven primarily by lack of inventory, home sales and prices in
    Vancouver are expected to rise slightly above the 10-year average with
    modest gains anticipated in the second quarter of the year.
--  Spring sales activity will also be driven by rebounding consumer
    confidence and mortgage rates sustained at historical lows.
--  Unemployment rates are expected to remain well below the national
    average due to billion dollar investments in the liquefied natural gas,
    transportation, commercial and residential real estate sectors, further
    sustaining confidence in the real estate market.

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.

Toronto Market Highlights:

- Toronto real estate sales will remain strong in 2014, driven by lack of attached and detached home inventory in the Downtown Central Core with a ripple-out effect to the city's perimeter.

- The outlook for the city's luxury housing market is expected to remain healthy into 2014, as sales volume of homes over $2 million were up close to 20% year-over-year in the first two months of 2014.

- Leading the country in international immigration, newcomers to Toronto will continue to fuel a real estate market already in short supply of rental and resale housing.

Montreal Market Highlights:


--  The overall performance of Montreal's spring housing market will be
    closely tied to the outcome of the provincial election on April 7, with
    sales momentum slowing until an electoral decision is reached.
--  Economic hurdles that will continue to temper the city's real estate
    market include rising taxes, an unemployment rate that exceeds the
    national average and diminishing government revenues.
--  Favourable influences include strong immigration numbers (the second
    highest in the country) and a Canadian exchange rate that supports
    Montreal's manufacturing and exports sectors, as well as its climate for
    foreign real estate investment.

For more information and details on Sotheby's International Realty Canada or to receive a copy of the Spring 2014: Housing & Economic Outlook, please visit www.sothebysrealty.ca

About Sotheby's International Realty Canada

Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 25 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivaled local and international marketing solutions and a global affiliate sales network of approximately 600 offices in more than 45 countries to manage the real estate portfolios of discerning clients from around the world.

Disclaimer

(i)The information contained in this report references data from Statistics Canada, the Bank of Canada, the Canadian Real Estate Association, Canada Mortgage and Housing Corporation, MLS boards across Canada and other secondary sources. Sotheby's International Realty Canada cautions that data of this nature can be useful in establishing trends over time, but do not indicate actual prices in widely divergent neighbourhoods or account for price differentials within local markets.

This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information and analysis presented in this report, no responsibility or liability whatsoever can be accepted by Sotheby's International Realty Canada or Sotheby's International Realty Affiliates for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...