In: Real Estate News10 May 2011
Garry Marr (one of our favourite real estate reporters!) recently reported that the Canadian Real Estate Association has raised their forecast for Canadian Home Sales. Gary juxtaposes this “raised housing forecast” against the data from the US, which shows that American home values fell by 3%, and that “American home values have fallen 29.5% from their peak in July 2006″.
This is a fantastic article on the reality of the housing market in Canada vs. U.S.A. The article contains quotes from Garth Turner (Canada’s real estate contrairian), as well as a BMO senior economist who point out that “Canada housing cannot continue to rise faster than incomes forever. ”
Also mentioned are factors that affect the price of homes for sale in Canada. Supply of homes for sale include resale listings and new home for sale being added to the inventory of available homes for sale. Resale listings have been declining month over month and CMHC said that 179,000 homes were constructed on a seasonally adjusted annualized basis in April. This indicates that Canada is not over supplied, which could aide in a stable housing market in Canada.
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