Sales and construction of new homes will be steadily increasing this year as the economy starts to rise up again. This boost in the economy will ensure rates stay on the low side, with increase expected to happen but not too much of a jump is predicted. CMHC (Canadian Mortgage and Housing Cooperation) predicts that the housing market is set to calm this year but prices still slowly climbing higher in value.
In terms of the number of new units being produced this year will be between 176,600 and 199,800. This estimation of number of units being produced was similar to the figure completed last year at 187,923 units. When comparing 2014 and 2013 figures to 2012, one can see there is a slight decrease of the number of units being produced. In 2012 completed units were at 214,827. This was when the government interfered and introduced the B20 rules, which made mortgage lending have more strict rules and guidelines.
After all of the events of 2012 were said in done, Canada was still wiping sweat off its brow since we avoided the real estate catastrophe that happened to our U.S. neighbours. Over all, price gains are expected to taper off this year and into 2015 as the economy stabilizes.
Contact Robert Clancy today to analyze your mortgage needs!