In Canada, the Canadian Real Estate Association announced in a special report out Monday that the Canadian housing market was doing very well, especially considering the fallout from other countries around the world.
The resale housing market here posted double digit increases in 13 out of 24 of its markets. Over 2006, 2007 posted increase in prices by 10.8 per cent. Some 362,934 homes were sold in Canadian markets last year through the MLS system (Multiple Listing Service.)
According to economists there, the resale housing market did well for several reasons. First, job growth as well as income growth increases has helped. Additionally, interest rates remain affordable, allowing better financing options to consumers there. In Canada, consumer confidence is still high, much unlike what is happening in the US just south of the border.
Several areas did very well posting double digit gains when compared to 2006 numbers. Some include Quebec City with 17.3 per cent increase, Edmonton with 12.1 per cent increase, Outaouais Hull, Quebec with 11.1 per cent increase and leading them all was Trois-Rivieres, Quebec with 21.8 per cent increase.
Looking forward to 2008, most economists still see favourable investing in Canada's major cities. While some forecast a slight drop in these levels, it is due to the records set this year, not necessary to economic indicators that would cause such a drop.
The average resale home value in all 24 major markets in Canada in December of 2007 was $332,836 which is well above the value of prices in 2006. In fact, this is a 13.1 per cent gain all around, which is the largest increase from one year to the next in the last three years.
The Canadian Real Estate Association (CREA) is a representative body of some 90,000 Realtors in the country. It compiles and monitors real estate news through the country.
