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
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...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...