Interesting reading, to say the least!
The good and bad news for Canada’s housing market
The good and bad news for Canada’s housing market Canada’s housing market sagged in late 2008.
The number of units sold fell steadily from May 2007’s record pace and that the pace of decline picked up significantly in the fourth quarter of last year.
Prices peaked in December 2007 and were off 13% from that peak a year later.
Activity was slower in all regions; however, British Columbia stands out as the market that has come under the most significant downward pressure and Ontario’s housing market has also slowing
significantly, with sales running at 37% below the July 2007 peak July 2007 and prices off 11.7% from their December 2007 high.
Is Canada headed for a U.S. or U.K. housing market slump? While we expect Canada’s housing market to soften some more, we see limited scope for the correction to mirror the record-breaking housing slump in these other economies.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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