Canada’s Real Estate Market Recovering
Here is some good news across our northern border, Canadian real estate sales are improving. So good in fact that experts are predicting year over year increases should start showing up in May and Junes numbers.
While things are not that rosy in the United States activity and some velocity has returned to our markets. Let us hope that Canada shows us the way out of our recession and housing slump.
Canada’s real estate market is clearly on the path to recovery, economists say, citing recent data as evidence that the worst of the slump may be over. “You’re seeing people beginning to kick those tires again in the housing market,” said BMO Nesbitt Burns senior economist Michael Gregory.
Many local real estate boards are, for the fourth month in a row, reporting strong sales in May, compared with the previous month.
Observers are watching for a national report on May sales expected today from the Canadian Real Estate Association.
National sales have been rising month over month since February, and in April, for example, sales on a monthly basis jumped 11.2 per cent, seasonally adjusted.
The national market has yet to eke out a year-over-year gain. But economists expect that to change within the next couple of months. via The Globe and Mail.
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Comment by Portland Real Estate on 15 June 2009:
Good news. Recovery cannot just happen for us, it has to happen for the rest of the world too. Since everything is under a global economy these days we cant truly get back on our feet when our allies are struggling so much..
Comment by Don on 17 June 2009:
The areas of the US that were beaten up the most are seeing a recovery in their RE markets. Listingsupply.com shows that the number of homes on the MLS (inventory, basically) in CA, AZ, and FL is starting to fall. The median sale price in Phoenix was up for the first time in May in 24 months. Other markets that didn’t experience quite the boom and have economies that have gone no where for a long time (like the mid west) have not fallen as much in price, but nothing is selling.
Comment by Bargain Real Estate on 26 June 2009:
I think it is a combination of the economy improving and the summer. People with kids are more likely to move in the summer so they do not have to pull their kids out of school in the middle of the year. Canada real estate probably is more appealing in the warmer months as well. Bargain hunters will do well!
Comment by HOA Management Charlotte NC on 30 July 2009:
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Comment by heath on 6 August 2009:
According to a video I watched recently the US housing market may finally be back on the rise. To watch the video go to:
http://buffingtonsignaturehomes.com/press-articles/03-18-2009-new-home-construction.html