Vancouver, Kelowna lead Canada with 10 per cent home sales growth in 2013
Housing markets in Vancouver and Kelowna rebounded in 2013 to lead the country with a 10 per cent growth in sales, according to Re/Max.
Totals and projections (until the end of 2013) have Vancouver racking up 28,000 over the past 12 months, up from 25,455 homes sold in 2012. Kelowna sold 4,300 units, up from 3,902 in 2012.
(Read Re/Max's full report here...)
Overall, Canada's home sales jumped three per cent in 2013, with 466,000 homes sold this year compared to 453,372 sales last year.
Canadian home prices jumped from $730,064 in 2012 to $765,000 in 2013, as 92 per cent of national housing markets saw price increases, led by Hamilton-Burlington with a 7.5 per cent hike.
Vancouver's home prices rose five per cent this year, and the city was also named Canada's least affordable housing market in 2013, way back in May. The Housing Affordability Study found that (Metro) Vancouverites spent 82.2 per cent of their household income on housing, compared to all of B.C. at 66.4 per cent.
(Prince Rupert was held up in the study as one of the province's most affordable markets, as just 30 per cent of household income goes toward housing.)
In Re/Max's look forward to 2014, Greater Vancouver's home sales are expected to stabilize somewhat, with a two per cent increase to 29,000 units sold. Kelowna's growth in sales is forecast to lead Canada with 10 per cent, just ahead of Calgary at nine per cent.