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The International Monetary Fund has revised their projections from earlier this year, stating now that the Canadian economy may grow 1.7% by year’s end; an increase of two-tenths in light of a strong first quarter at 2.5%. Looking further ahead, the IMF also predicts that the economy will expand 2.2% in 2014, which is two-tenths below their initial forecast in April. As other countries flourish at 5-7%, Canada’s economic activity seemingly falls-flat in comparison. The Bank of Canada’s 2014 expectations are slightly more hopeful at 2.8%; however, any figure below 3% is considered weak on a global scale.
Since Canada’s economic activity bares heavy influence on the real estate market, it comes with little surprise that Royal LePage’s most recent report [Q2 / Q1] outlines rising property values nation-wide. According to the report, the average price for a two-storey home or detached bungalow is up 2.7% compared to last year — the average price of a home at $419,614 while bungalows sit at $386,547. In terms of condos, the national average climbed 1.2% to $248,750; a three percent year-over-year inflation.
Specifically in Toronto, sales were down month-to-month by less than one percent in June, totalling 9,061 transactions through the TorontoMLS. Due to the fact new listings appeared less frequently, the Toronto Real Estate Board suggests that market conditions may “tighten” this summer. In saying this, the average price-point was up by 4.7% year-over-year. Condo prices remained stagnant, which is fairly in-tune with the market expectations for our city. Many economists believe that, if anything, Toronto may experience a slow period with condo sales before the market rebalances in late 2013/2014.
Toronto Real Estate Board MLS Results (June 2013)
Please click here for a full preview of the TREB June 2013 Market Watch document. Note: all images above can be found in the context of the report.
More from the Toronto Real Estate Board:
