Categorized | International

Real Estate Market in Canada Experiences Small Increase

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With much of the world experiencing sharp residential real estate declines, Canada’s real estate market has quietly performed moderately well. The average price of homes on the Canadian market has increased by more than five percent since the beginning of the year. In addition, total sales volume is up this year from last as well.

Many analysts are not expressing excitement over Canada’s real estate success, and are calling their numbers average. However, with the majority of the world experiencing below-average numbers, Canadian officials are pleased with the data.

The majority of the regional and city markets in Canada experienced increases in sales during the past month.  Three of the nation’s biggest cities in Montreal, Vancouver, and Toronto all showed strong gains.

When looking at the sales figures from the last ten years, the numbers posted in October were on pace with the overall average. However, they jumped substantially over what they were last year.

One of the main factors benefitting Canada at this point in time is that its economic outlook as a whole is positive. Their economy is not growing as fast as some nations, such as Brazil, though it has continuously increased over the past year.

Buyer confidence as a whole is moderately strong in Canada, as the nation has seemingly avoided any severe negative impact from the threats of the possibility of another global financial crisis.

Residential real estate properties generally stay on the market for six months before being sold in Canada. While that figure is higher than some of the higher performing markets around the world, it is slightly above average.

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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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