A report by the conference board of Canada states that forecast a .5 per cent drop in Vancouver Resale Condo Prices, which will then stand at $365,000. Victoria and Montreal condo prices have and will have further declines, with Montreal's prices dropping by .7 per cent to $265,000. . Toronto is forecast to see its average price remain flat this year, at $305,239. The report predicts that all cities will see some price growth, ranging from 1.4 to 3.6 per cent, in 2014.
Alberta regional markets clearly vary in strength, all will benefit from an expanding population and a rising share of condominium-loving empty-nesters whom are older” the Conference Board of Canada report adds.
It also says that weak pricing will help affordability. It predicts that principle and interest payments will drop in at least five major cities this year, led by a 2.5 per cent decline in Victoria.
While payments are expected to rise in Alberta, the report says that Calgary and Edmonton are still the most affordable condo markets when local incomes are taken into account, with mortgage payments taking only about 9 per cent of household income. “By contrast, we expect payments to eat up roughly 20 per cent of Vancouver incomes,” it says.
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