The UK and Canadian housing market is sending out some confusing messages and I am trying to get to the truth from Canadian Realtors on the ground.
The UK property market sent home owners confusing messages all through 2009 with steady house prices increases being announced nearly every month. For those selling a property in the UK they would have thought this was a great time. But alas they were wrong as buyers were not in their abundance and banks were holding on tightly to their funds. Property valuations were very conservative causing home owners to reduce their selling prices just to add to the confusion. The media reported on a strong housing market but meanwhile the UK was and still is in recession.
I now see the same type of mixed messages coming out of Canada albeit from an outsiders point of view. Canada's housing market for the entire 2009 was a very strong one. Estimates indicate that approximately 465,000 homes were sold via the MLS, an increase of 7 percent over 2008. Average home prices also rose, about 4 percent to CA$315,000.
Global Real Estate Report.
According to the latest report on real estate trends by Scotia Economics they say and I quote "Canada still leads the pack among the markets we track," said Adrienne Warren, Senior Economist, Scotia Economics. "Inflation-adjusted average home prices in the July to September period were up 11 per cent from the same quarter a year ago, a dramatic turnaround from the 10 per cent yearly decline recorded in the opening months of 2009. "
see entire report Scotia Bank Report
Some Questions About Canada's Housing Market
Is Canada suffering a shortage of homes for sale?
Are home owners avoiding selling owing to lack of confidence?
Has the Canadian governments attempts to kick start the market responsible for these impressive statistics?
Is the Canadian real estate market more robust than others if so why ?
Useful Resources
Buy Sell of Find property in Canada with Homesgofast.com international real estate portal.
Keep up to date with UK Housing Market news
