Canadian property prices and sales set to rise

Canadian property prices and sales are set to rise in 2014, according to the Canadian Real Estate Association.

The CREA's latest report forecasts a price increase of 3.8 per cent this year, taking the average home value to $397,000. The national average price is forecast to rise a further 1.1 per cent in 2015, taking the average to $401,400.

Alberta is predicted to lead the way with a rise of 2.5 per cent, followed by Manitoba (2 per cent). Sales are expected to increase alongside prices during the 2014 spring months and all the way up to 2015.