Steady Growth for Canada - RE/MAX quotes

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Real Estate Sales Representative with REALTY EXECUTIVES First Choice

Slow and steady growth forecast for residential real estate

 in major Canadian markets in 2008, says RE/MAX 

Canadian home sales to top 500,000 in 2007

 

After posting extraordinary gains in 2007, housing market performance will moderate in most major Canadian centres in 2008, according to a report released today by RE/MAX. 

The RE/MAX Housing Market Outlook 2008 examined residential real estate trends in 18 markets across the country.  The report found that while economic prospects will continue to improve next year, few major markets are expected to exceed record sales levels set in 2007.  Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Ottawa, Sudbury, Saint John, Halifax-Dartmouth, and St. John's are all predicted to buck the trend in 2008, with appreciation ranging from one to seven per cent.  Average price is forecast to increase in 78 per cent of markets surveyed next year, with the lowest price increase expected in Edmonton and the highest in St. John's.  

Nationally, the number of homes sold is expected to break through the half-million threshold in 2007, climbing 13 per cent to an estimated 545,400 units, up from 483,770 units one year ago.  Average price is projected to appreciate nine per cent to $303,000, up about $25,000 over 2006 levels.  In 2008, home sales are expected to retreat to 500,000 units while Canadian housing values are forecast to continue their ascent, rising six per cent to $321,000. 

Clearly, economic prosperity has translated into increased housing sales and upward pressure on prices across the board.  The country's economic engine fired on all cylinders throughout the year, despite dire conditions south of the border. As in 2007, inventory will be the major wildcard next year-the ultimate variable most expected to influence housing market conditions and performance. A return to tight market conditions could mean all bets are off as buyers are forced to compete, creating increased market pressure. 

Major market frontrunners for price appreciation in 2008 include St. John's (12 per cent), Regina and Kelowna - Central Okanagan (nine per cent), Hamilton-Burlington and Saint John (eight per cent) and Greater Vancouver (seven per cent).  Leading the country in sales growth next year will be Kitchener-Waterloo (seven per cent), followed by Hamilton-Burlington, London-St. Thomas, Sudbury and Halifax-Dartmouth, each forecasting a five per cent gain.                                   

Higher mortgage rates and increased inventory levels failed to materialize in most major centres, making 2007 a record year for real estate activity in Canada.  By year-end, housing values across the country are expected to shatter existing records.  Serious double-digit increases in average price are forecasted for Saskatoon (49), Edmonton (31.5), Regina (21), Calgary (20), Sudbury (20), Kelowna (19.5) Saint John (17), St. John's (12), and Greater Vancouver (10).    

Saskatchewan dominated real estate news in 2007, reporting some of the highest percentage increases in unit sales.  The number of homes sold in Regina by year-end is expected to top 35 per cent, bringing sales to an estimated 4,000 units.   Neighbouring Saskatoon is forecast to climb 28 per cent to 4,400 units in 2007.  Other centres expected to post double-digit gains in activity include Saint John (19 per cent) Kitchener-Waterloo (13 per cent), Halifax-Dartmouth (12 per cent), St. John's (11 per cent), and Toronto (10 per cent).

Western markets were first out of the gate in 2007, but those in the East followed suit.  By year-end, some of the most impressive gains in home sales will be realized in Ontario and Atlantic Canada. Solid economic fundamentals, including billions of dollars in capital projects, a positive unemployment outlook, and solid consumer confidence levels will propel markets forward.  A slow and steady growth trajectory, minus the peaks and valleys experienced in 2007, is forecast for next year.

RE/MAX of Western Canada (1998) Inc. Housing Market Outlook 2008 Report issued October 17th, 2007.

 

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sharon lancaster

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Rainmaker
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Leo Namiot
CT Mortgage Lender - FHA, VA - CT First Time Home Buyers, USDA, FHA, VA
www.LeoLends.com: CT Low Rate Mortgages

Hello Sharon,

    Welcome to active rain, it's a great online community. Enjoy!

 

Leo Namiot

Benchmark Mortgage

Connecticut & Florida Mortgage Specialist

October 21, 2007 07:33 AM
Rainmaker
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David Matney
Omaha, NE Real Estate | Omaha, NE Homes For Sale
Alliance Real Estate
Sharon, congratulations on your first post and welcome to activerain!
October 21, 2007 10:32 AM
Anonymous #3
Anonymous
David Matney

Thank you for your welcomes! I look forward to expanding my knowledge and networking with each and every one of you on this amazing network. I am going to have to find a way to slate in an occassional listing or selling presentation though.....

Sharr

Get Slated to Move!

October 21, 2007 11:07 AM
Rainmaker
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Keith Elliott Jr
Principal Broker/Owner
KEIRE Realty Group

Hi Sharon,

Welcome to Active Rain! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

October 21, 2007 05:27 PM
Rainmaker
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Robert May
Real Estate Expert & Mortgage Broker- Lethbridge
Verico Canada First Mortgage/ Rainbow Realty

Just checking out who all from Manitoba has an active rain blog.  Feel free to visit me back at my lethbridge real estate blog and leave me a comment to let me know you stopped by. 

August 02, 2010 05:54 PM
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Sharon Lancaster

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Real Estate in Oakbank, Manitoba