According to the latest report released by DTZ Barnicke, as reported by CNW Telbec, there are good signs in the Canadian property sector. The real estate market here is expected to continue to do well, even as the United States credit crunch and housing slump affect their largest trading partner.
The report, called "Global Views 2008" was released on 14 February. Christopher Ridabock, who is DTZ Barnicke's Chief Executive Officer, said, "The fundamentals of Canada's real estate market remain sound and continue to support a strong case for investment and development." Then, "Rising prices for energy resources and lower interest rates are fuelling economic growth that is driving down vacancies and spurring new development."
Some areas are expected to do better than others. For example, British Columbia should do well for the next several years as it prepares for the 2010 Olympic Games. It also has one of the strongest economies in the country.
Prices in property here have grown by 8.8 per cent in January. Unit sales fell however, by 5 per cent in January. Residential prices rose in the province to $453,648 in January. This climb was 14.5 per cent over January of 2007.
Foreign investors continue to be a large force behind Canada's growing markets. Many foreign investors choose Canada over other locations in the world because of the stronger and safer economy.
