Canadian Real Estate Market Sees Continued Increases in 2006 and 2007
The Canadian real estate market is booming as the American market is slowing down. The impact on higher oil prices on Western Canada is driving 30 percent increases in Edmonton and Calgary while the rest of the country is seeing improvements.
The sand oil fields of western Canada are booming as the combination of technology and higher fuel prices are making retrieving oil from them cost compatible. This is driving a huge demand for labor and exposing a housing shortage. I have heard in comments that landlords are doubling long time residents rents which is causing great consternation amongst long time residents of the cities of Edmonton and Calgary.
Nationally, the average price of a home in the second quarter of this year was 14.2 per cent higher than a year earlier, and up more than 50 per cent higher in Calgary and more than 30 per cent in Edmonton, according to Royal LePage, which is forecasting a 9.2 per cent increase in prices nationally this year.
Both sales and prices continued to rise across the country in the April-June quarter, it said.
“The pace of growth varied greatly by region, with activity levels and price increases in the western provinces far outpacing that in the rest of the country,” it said. “Compared to the same period last year, Ontario, Quebec and Atlantic Canada maintained similar high sales volumes, with moderate price increases, while extraordinary demand and limited inventory drove double-digit price increases in the West.” via the Canada Post.
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
I see it all too often where owners decide to be investors without understanding that tenants have rights. Its ...
cont from above post.....
please contact me via e-mail if interested in the home listed
above.
jonieckstrom@yahoo.com 
This is a topic currently being debated in our local Real Estate Board here in Toronto Canada. Online, we ...
A property management company should realize that most potential tenants now will have a foreclosure or bankruptcy on their credit....as ...
my boyfriend and i just fell for the scam ourselves, it's sad what they are able to do. I am ...
Now is an excellent time for business people to buy if they have decent credit (I did not say excellent ...
I just finished emailing some guy from "West Africa" who gave me the same exact bs. He even went so ...
Pingback by Western Canada’s Real Estate Boom Hitting Saskatoon — The Real Estate Bloggers on 24 June 2007:
[...] the past 2 years as oil revenue and demand has blown out the housing inventory in Calgary and Edmonton. Now the high prices in these large cities have started to drive up housing costs in the second [...]
Pingback by Rod Thomas Blog » Property investing in Canada on 8 August 2007:
[...] further details and information, these resources could be handy- http://www.therealestatebloggers.com/2006/07/06/canadian-real-estate-market-sees-continued-increases... http://www.cbc.ca/money/story/2006/12/15/networth.html [...]