The latest research on the global real estate market indicates that Canada is doing quite well, while several other nations are showing significant signs of recovery. The Global Real Estate Trends report from Scotia Capital indicates the Canada leads the pack for property price increases. Fort the third quarter of 2009, average home prices in Canada were up 11 percent.
A shortage of homes that are for sale and an increased demand for homes are contributing factors in price increases in Canada. First time buyers have been out in force, pushed by both low prices and government incentives.
Canada’s housing market for the entire 2009 was a very strong one. The report estimates that approximately 465,000 homes were sold via the MLS, an increase of 7 percent over 2008. Average home prices also rose, about 4 percent to CA$315,000.
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