Canadian Property Market Surges in Early 2015
Analysts forecasted 2015 to be rather bland and mediocre for real estate. However, data of the new year shows an opposing view.
A new set of figures released by the City of Edmonton in early February 2015 reported a record setting level of construction happening in 2014. In fact, not only did almost $5 billion in building permits issued beat 2013 by 17 per cent, they were 182 per cent more than the 5 year average. Given the new round of projects already being announced in 2015, this stat could be trumped again by year’s end.
The Globe and Mail also proclaimed that Toronto is off to a fabulous surge in 2015. GTA home sales were up 6.1 per cent in January 2015, with prices rising by 4.9 per cent according to the Toronto Real Estate Board.
One online portal alone proclaims it has already seen record setting amounts of internet traffic from Google, Bing and Yahoo, as interest in buying property booms. The portal reported web search traffic up 70 per cent in January 2015, with 60 per cent more mobile app users as well.
Building on this trend has been described as a “growing influx of quality home buyers looking to work with a real estate agent,” the site made over 150,000 consumer-agent connections in January; up 50 per cent from 2014. Low interest rates and warmer weather on the horizon suggests even more commercial and residential transaction activity throughout the year.
From what we’re seeing so far, it’s clear there appears to be substantial demand for Canadian property, which is going to continue to be fueled by low interest rates.