Categorized | International

Canada’s Housing Market Continues to Improve

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While housing markets around the world struggle amidst fears of another possible global recession, the residential real estate market in Canada continues to flourish. Sales are up by more than eleven percent from last year. Prices have also seen a strong increase of more than six and a half percent. The average home in Canada now sells for more than three hundred and fifty thousand dollars.

Real estate analysts from around Canada are calling their housing market balanced with sustainable growth. While both prices and sales have grown from last year, the growth is not uncontrollable and there is no sign of a housing bubble.

Of all the major cities in Canada, Toronto produced the strongest results. The city has remained a popular place for relocation due to its overall economic strength, and captivating culture.

Canada’s residential real estate market has benefitted from low mortgage rates with stringent mortgage regulations. The low mortgage rates certainly attract buyers, but at the same time, the tough regulations limit buys to search for homes within their means. The regulations have played an important role in avoiding uncontrollable growth in the market, which could eventually lead to a real estate bubble.

New homes on Canada’s residential property market generally tend to take about six months to sell, and the sales-to-new listings ratio is just over fifty percent. The fifty percent number is often considered to be a target number for nations looking for a balanced housing market.

Canada’s housing market is expected to continue its current consistent trend. Housing sales and prices continue to remain strong throughout the country, and should continue to be that way into the foreseeable future.

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About Nancy Raven

Nancy is the main writer for the International section of the website. Sometimes she also helps Drew out on the Finance/Mortgage section as well.

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