Real Estate in Canada Continues Rising

Whilst everyone’s in agreement that the housing market in the United States is stagnating nicely while the US dollar wallows in its miserably low position against currencies such as the pound and the euro, real estate in Canada continues rising in terms of levels of consumer demand and their affordability, and in terms of median property prices as well.

In fact Canada’s continued property market success is a direct reflection of the strength of the nation’s economy.  Canada with its wealthy energy sector, Canada with its affluent city centres and Canada with its strong levels of inward migration is fuelling a booming real estate cycle with no end in sight for this particular period of property price appreciation meaning that now could well be an exceptional time to move into property in Canada.

The latest findings and statistics from Royal LePage Real Estate Services highlights that certain areas of Canada are naturally more in demand than others – this has a great deal to do with the development of energy related jobs in certain provinces such as Alberta for example and also on affordability – or in the case of Saskatchewan, lack of affordability. 

Growth in property prices as well as demand in Saskatchewan have been fuelled dramatically by consumers flocking into the province and away from markets where prices are far higher in the neighbouring provinces - and as a result certain parts of Saskatchewan are booming.

The first half of the year is traditionally the most active period for the property market in Canada – springtime is the time of year when houses hit the market and moves are made across the country by Canadians – and the first half of 2007 was an incredibly successful period setting the standard for the rest of the year to follow! 

During the rest of the year the real estate market in Canada is maintained by enforced property sales and house moves as well as by levels of inward migration; and because currently there are job opportunities opening up across the nation, many local people are making the slightly unusual decision to move after the spring time sales period.  In addition to this, Canada is in demand as a location to emigrate to for jobs and a high standard of living so Royal LePage Real Estate Services further predict that the second half of the year will see strong developments in the Canadian real estate marketplace as well.

Taking the entire nation into consideration and the entire year as well – Royal LePage Real Estate Services predict that the level of median price appreciation across the nation will top almost 10% in 2007 with house sale transactions enjoying an 8% rise on last year’s figures.

There is great momentum in the property market in Canada and this began at the start of 2007 and is carrying on well into the second half.  The momentum is built on the most solid fundamentals and as long as a potential investor into real estate in Canada keeps their eye on these fundamentals they should be able to time their market activity right.  Look at the employment market, see where jobs are being created and where there is affordability as well as demand, take into account the seasonal shifts in the property market and don’t be afraid to commit because as a commodity, property in Canada is hotly in demand from local Canadians seeking an investment asset as well as a roof over their heads.