What’s ahead for the Canadian real estate market?

What’s ahead for the Canadian real estate market?

Posted Mar 19, 2010 By Robert Pugh

EMC Business – Canada’s real estate market has experienced a strong resurgence since a short-lived drop off in early 2009.

Home sales and average price have been climbing in recent months, leaving many Canadians wondering what’s next.

Well, while no one has a crystal ball, there are some strong indicators that the market will stay strong in 2010. Several economic and industry forecasts – including the Canada Mortgage and Housing Corporation (CMHC) and Canadian Real Estate Association (CREA) point to a strong market through 2010. According to these sources, Canadian housing markets will benefit from improving economic conditions and low mortgage rates. In fact, CMHC has issued a positive housing outlook for 2010 across all provinces.

Another key factor influencing the Canadian housing market is affordability. There’s good news there too. The Bank of Canada has now announced that they will hold interest rates at their current low until at least mid-year.

The relative lack of new listings for existing homes is keeping demand high for homes. New construction is picking up, and the resale home market has shifted from what was a buyers’ market (at the beginning of 2009), to a sellers’ market. With relatively little to choose from, buyers are in hot contention for those homes that are well presented and attractively priced.

Also important to the health of the housing market, Canadians are feeling good about the economy and job prospects. This rising consumer confidence is not only affecting overall attitudes, it’s also influencing their attitude towards buying ‘big ticket’ items such as a car or a home. In other words, Canadians feel this is a good time to buy a home, and this demand is also helping to drive the market.

Of course, these are national trends, but the real story is happening right there in your own local marketplace. Inventory of listings, home sales and prices can vary from neighbourhood to neighbourhood, or even on the same street. Talk to your local real estate representative to get a clearer picture of the real estate market in your own local community.

Business – By Robert Pugh West Carleton Local Community News

Posted via web from Toronto Real Estate News | Blog


About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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