The real estate market in Canada is still going strong despite the subprime worries across the border in the United States, according to recent news out of the country. International real estate investors and those looking to move to the country have many reasons to be optimistic about the market. The Canadian Real Estate Association (CREA) has predicted that existing home sales will increase in 2007 by 8.1% over 2006. That means that approximately 523,100 units will sell by the end of the year, a record for Canada. Additionally, most provinces are predicted to have record setting years as well.
Across the country, the tightest markets for existing housing is in the ever-popular
western provinces, particularly British Columbia but also Alberta. Vancouver leads the way with some of the prettiest – and priciest – property in Canada. Throughout the province, prices are expected to remain strong for existing housing well into 2008, but should see some easing later next year. Oil-rich Alberta has two of the largest cities with Edmonton and Calgary that are helping fuel the growth in that province.
“Resale housing activity was a juggernaut in the second quarter of 2007,” said CREA Chief Economist Gregory Klump. He continued, noting that “Home buying sentiment remains upbeat in all regions and mortgage financing is still within reach for many potential home buyers.”
Canadian For Sale By Owner selling or FSBO is also increasing with many Canadian home owners now choosing to bypass real estate agents to sell their homes themselves in order to save the average six per cent commission most agents charge. On a $250,000 home, this can amount to $15,000, a hefty sum for most Canadians.
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Ann Bosley, President of The Canadian Real Estate Association, notes that the Canadian market is shrugging off the subprime worries affecting the US market. “Consumers continue to have strong confidence in Canada’s resale housing market, and activity is on track to set a new annual record in 2007.”
Prices and sales should continue to be strong through 2008, predicts CREA, although there will probably be some slow down in the record increases. Unemployment is at record lows and newcomers with money from abroad continue to look to invest in property. With so much going for it Canada must be is a good place to invest for potential home owners.
