Most Canadians expect home prices to keep on surging in 2014, according to a survey conducted by Point2 Homes, one of Canada’s largest real estate portals.
Canadian respondents who anticipate an increase in residential property prices think prices will rise by an average of 8%. 73% of survey participants in Alberta are confident local prices will go up, as compared to 45% in British Columbia and 40% in Saskatchewan.
The survey is based on 1,232 responses and was conducted by Point2 Homes between April and May 2014.
Most Canadians Expect Home Price Growth in 2014
51% of respondents expect to see a significant jump in local house prices this year, while 26% think they will remain largely unchanged. Only 23% of survey participants said they expected home prices to decline.
Among the respondents who anticipate an increase in real estate prices, the majority think they will rise by 8% on average. Those who said prices will head downwards estimate a drop by 14% on average.
Albertans Show Most Confidence in the Housing Market
The vast majority of Albertan respondents showed increased confidence in the local housing market fundamentals. While the national average sits somewhere around 51%, two thirds of survey participants in Alberta are confident home prices will continue to surge.
The lowest percentage of positive answers was recorded in Saskatchewan, where only 40% of respondents believe home prices will remain on a growing trajectory.
Real Estate Agents 30% More Upbeat about Canada’s Housing Market than Buyers and Sellers
65% of real estate agents think the housing market is gaining positive momentum, while 50% of buyers and 49% of sellers are convinced that prices will go up.
Click here for more details and charts on home price trends in Canada.