Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Sun
Apr 20th
Lost Password? Register
Home arrow News arrow North America arrow Worst of real estate slump in Canada is over

Worst of real estate slump in Canada is over

Tuesday, 16 June 2009
Canadian market improving
Canadian market improving

The residential real estate market in Canada is improving with estate agents reporting improved sales and economists claiming that the worst of the slump is over.

Although January showed declining sales, figures every months since then have been upward. In Vancouver, for example, sales were down 59% in January from a year earlier but last month they were 17% above those in May last year.

Nationally sales have been increasing every month since February. In April sales on a monthly, seasonally adjusted basis jumped 11.2%.

'The worst of Canada's recession occurred through December and January of this year. Things were looking really bleak. It caused people to be cautious. Now, thanks to low mortgage interest rates and a slide in prices buyers are more confident,' said BMO Nesbitt Burns senior economist Michael Gregory.

'The worst is over,' he said but added that it was still too early to talk in terms of a strong and robust recovery.

Bank of Nova Scotia's senior economist Adrienne Warren expects more positive news for June. Most activity is among first-time buyers at the more affordable end of the market, she said. In Calgary, for example, 70% of re-sales in May were on property priced under $400,000.

'First-time buyers are coming in to take advantage of the ultra-low interest rates we're seeing right now,' Warren explained.

The recent growth is due partly to pent-up demand from the end of last year, and observers said this could level off over the summer once that delayed activity has been satisfied, and as rising unemployment continues to temper consumer activity.

In some areas bidding wars are breaking out again. According to Pamela Allen, a Re/Max real estate agent in Vancouver, she is busier than she has been all year. 'My last three buyers all lost their offer because they were in a bidding war,' she said.


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
Related News
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here






West Tower

West Tower

Car park

home rental guide

West Tower

John Charles

Buy-to-let

North America: Top Headline

US sellers advised to spruce up the outside of their properties for a fast saleUS sellers advised to spruce up the outside of their properties for a fast saleHome owners in the United States putting their properties on the market should focus on making them look good on the outside rather than undertake large scale renovations, a survey has found.

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

LOOK TO THE UK FOR AN EDUCATED PROPERTY INVESTMENT

In the past year, overseas investment in the UK has been steadily rising in all markets according to official figures. For example, the UK Trade & Investment (UKTI) reported in July 2013 that the UK is the leading European destination for foreign direct investment (FDI).

Finance Update

Buy to let lifetime tracker products launched

Specialist buy to let mortgage lender, Paragon Mortgages, has launched a range of lifetime tracker products along with refreshing the rest of its range of fixed and tracker buy to let mortgages.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our North American property and real estate news feed (RSS)