Canadian real estate strength continues

According to Scotiabank, the real estate market in Canada will continue to be strong and healthy.

A report released by Scotiabank in Toronto on 26 February said that the Canadian real estate market is strong and will continue through another healthy year.

The Canadian Real Estate Outlook and Trends Forum 2008 offered guest speaker Phil Soper, who is President and CEO of Brookfield Real Estate Services. In his address, he said, "Our expectations are that balanced conditions will prevail throughout 2008, which will mark a return to a more 'normal' environment than the highly skewed seller's market that we have experienced over the better part of this decade. A stumbling American economy will impact us, slowing growth here at home, yet the solid foundation that supports the contemporary Canadian economy should prevent the housing market here from retracting."

Many economists had feared that a fall in the US economy would signal a fall in the Canadian economy as these two are each other's largest traders.

As reported by, Adrienne Warren, senior economist for Scotiabank and the author of the Real Estate Trends report said, "We expect construction, sales and price gains to moderate in 2008 due to decreasing affordability, especially for first time buyers, and some softening in domestic economic conditions associated with the intensifying US slowdown and persistently strong Canadian dollar."