British Columbia is forecast to have the biggest jump in the housing resale activity in 2014 in Canada, according to the Canadian Real Estate Association (CREA).
CREA expects B.C. to see an increase in resale activity of 8.3% year-over-year-well above the anticipated national growth of 1.3%. While this means the province will be the biggest contributor to the expected growth across the country, the association said this is due to having had a particularly slow sales in 2013, mostly the early part of the year.
The opposite holds true for Canada as a whole, with 2014 starting out with low levels of growth compared with previous years. This is due to the particularly strong actiivty in the summer and fall of 2013.
CREA Chief Econnomist Gregory Klump expect fixed mortgage rates will edge marginally higher in the second half of 2014 as evidince confirms and anticipated pick-up in the economic growth. Marginally higher mortgage rates are likely to counterbalance the lift provided by stronger economic and continuing job growt, and restrain the momentum for sales activity
The national average home price across the country is expected to rise by 3.8% in 2014 with similar gains in B.C.
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