Michael Marquette of Marquette Turner Luxury Homes writes:
The Canadian property market has continued to recover well since the second quarter of 2009. According to the Canadian Real Estate Association the average price of a property sold through the Multiple Listing Service (MLS) rose by 11.3%.
The recovery in prices has continued throughout 2009 due to lower housing prices, lower interest rates, Government incentives and built up demand. There are also very few restrictions on Foreigners purchasing property in Canada which is assisting the recovery of the entire housing sector. All Provinces recorded price increases, except for Alberta which suffered a small decrease of 0.2%.
The biggest price rises have been in:
– Newfoundland – increased by 12.7%
– British Columbia – increased by 11.7%
– Manitoba – increased by 10.8%
– New Brunswick – increased by 8.5%
Prices are expected to continue to rise into 2010 with the expectation of a full housing market recovery in the second half of the year. The Canadian economy is expected to grow by about 3% in 2010 and we watch with interest as the World continues to deal with the fallout from the Global Financial Crisis, including inflation, rising interest rates and unemployment.