Housing performance expected to accelerate in 2010

The year isn’t over yet, but you can definitely expect new Market forecast coming this month, telling us how the year did so far and what to expect for 2010. This is the first we’re publishing here. The report was done by RE/MAX. More reports coming soon.

As economic stability returns to Canadian markets, housing performance expected to accelerate in 2010.
The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009

“Canadians continue to demonstrate their commitment to homeownership – regardless of the economic climate,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.
“No where in Canada is that more evident than in Quebec. The province, with one of highest percentage of renters in the country, is well-poised for an escalation in homeownership levels as renters enter the market en masse to take advantage of ideal market conditions. Prices remain well under the national average, making ownership more attainable and leaving more room for appreciation that’s been long overdue.”

More on the Market Outlook Nationwide:

• Approximately 465,000 homes are expected to change hands nationally in 2009, a 7% increase over one year ago.
• Canadian housing values are forecast to close the year at $318,000, up 5% from $303,594 in 2008.
• By year-end 2010, the number of homes sold is predicted to climb another 2% to 475,000 units.
• The average price of a home is also expected to experience an uptick, rising 2% to $325,000 – the highest level in Canadian history.

Posted by:  Deya Bautista - Affiliated Real Estate Agent working as part of the McGill Immobilier team. Specializing in condos and revenue property in the metropolitan area of Montreal. For buying or selling contact Deya at: 514.917.7889

Related Articles:

1. Housing Starts to Fall Slightly in 2008
2. RBC Housing affordability forecast for 2008
3. Canadian Housing Market News Evening Recap
4. Condo Market Forecast: Montreal and Quebec City.
5. Comment of the week