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Canadian building permits hit record high in 2007

The real estate market in Canadian is going well, both in terms of construction and in some areas of property markets.

According to the latest information, the value of building permits in Canada for the year 2007 hit record highest. This gauge measures both residential and commercial property here.

Some $74.3 billion worth of building permits were issued in 2007. This is a large jump of 12.1 per cent up from 2006, which saw values here rise to $66.3 billion. On an average monthly basis, this means that municipalities were able to issue some $6.1 million worth of permits in December along. This is a 0.4 per cent higher number than that from just November.

In 2006, gains in value were due to more Western area development, but in 2007, these gains were seen across the country. Every province was able to see some growth, except for Nova Scotia and Prince Edward Island.

Does this mean that the real estate market here is thriving? It shows interest is there. In some areas, such as in Chatham, suburban areas are doing well. For example, in Wallaceburg, the demand for property continues to rise. Properties here are very inexpensive which has helped to keep interest strong. Cities like this are posed to become some of the best investments of 2008 in Canada.