Global housing market conditions continue to recover according to Scotia Economics and their Global Real Estate Trends report released today. About two-thirds of national markets in their survey posted real annual price appreciation through the end of 2013, an increase of 40% from the year before.
In Canada, average inflation-adjusted house prices rose 8% y/y in Q4. While that figure is skewed by the pricier markets in the country, most cities continue to post moderate annual price gains slightly outpacing inflation. Strong sales have been recorded in Alberta, Saskatchewan and Manitoba which are trending above their 10-year average.
Scotia reports that home sales in Calgary have picked up over the past year with demand fuelled by strong employment and population growth well above the national pace. Calgary is one of the few markets where a lack of listings in the single family home segment appears to be holding back sales.
Scotia writes: “Sellers’ conditions continue to dominate the undersupplied single-family market, lifting already high prices even higher.”
You can download the entire report here