National MLS(R) home sales activity willremain high this year and in 2008, according to The Canadian Real Estate Association.
National sales activity is forecast to ease slightly but remain above 450,000, which is near the strongest levels on record. Annual activity isforecast to rise this year in Saskatchewan and Manitoba and inch lower inother provinces. Read More
The real estate market is off to a strong start with sales increasing by 16%, according to statistics from the Greater Montréal Real Estate Board (GMREB) MLS® System. In January 2007, 3,631 homes changed hands, compared to 3,141 in 2006.
“Job creation is strong, consumer confidence in the economy is still positive and despite a slight increase in interest rates in 2006, the market remains good to buy or sell a home”, says GMREB Chief Executive Officer, Michel Beausejour, FCA. “The environment for the real estate market will remain favourable in 2007 with the number of listings still increasing, which will help balance the market and slow down price increases. As for the number of transactions, we expect that 2007 will be similar to 2006.” Read More
Housing starts will moderate this year to 209,500 units after reaching 227,395 units in 2006, according to Canada Mortgage and Housing Corporation’s (CMHC) first quarter Housing Market Outlook, Canada Edition report. Although residential construction will decline, 2007 will mark the sixth consecutive year in which housing starts exceed 200,000 units. Starts will ease further to 195,500 units in 2008.
“Construction activity will continue to moderate as demand for home ownership moves toward more sustainable levels,” said Bob Dugan, Chief Economist at CMHC. “Most of the pent-up demand that built up during the 1990s has been absorbed, and higher mortgage carrying costs due to continued strong price growth and modest increases in mortgage rates will contribute to the slower pace of new home construction both this year and next.” Read More
