Canada housing market outperforms developed nations
Canada, 29th September: Canada’s housing market has outperformed markets in the developed nations, findings of a recent Scotia Economics report maintain.
Real estate markets of many developed nations of the world seem to be dampened in current financial upheavals, the report adds.
Canada housing market still the best--The report named Global Real Estate Trends by Scotia Economics adds that the hot and happening housing market of Canada has started to cool, it is still an outperformer.
The report took into consideration nine developed housing markets including that of Switzerland, Canada and France with Canada ranking above the all, says a real estate specialist and a senior economics with Scotia Economics, Adrienne Warren.
As per the findings, there has been an increase of five percent (year-over-year)in the existing home prices(average inflation-adjusted) in Canada in the period from April to June this year.
And the figures for the months of July and August also show stability in Canada housing market, the report further adds.
Meanwhile, other housing markets including those in Europe, Australasia and North America showed a year-over-year decline in the Q2 of 2011, adds Warren.
Cooling house prices good for long term affordability—Canada housing prices have begin to cool down a bit but this is a fairly positive sign since it reveals a balance between the number of sellers and buyers in Canada, states Warren.
Moreover, the softening house prices in Canada are a good indicator for offering long-term affordability for house buyers, she maintains. House buying might get affected in the coming times due to low interest rates.
However, once the interest rates move up slowly and gradually and most of consumers will be able to adjust to such changes, she informs.
Speaking of the trends in the global housing market in the coming times, Warren said that it international housing market will continue to stay moribund unless financial markets return back to stability once again.
Housing prices in Canada are expected to level off in the coming few years even as the neighboring US housing market continues to reel under depression following an economic slowdown.