Today the CMHC issued this press release about the Canadian housing market.
Highlights : the number of housing starts (meaning, new home construction, in units) is set to fall slightly. However, while the number of resale home sales will go down, prices are still beating the inflation rate, with Quebec’s prices increasing moderately by 4.7% in 2008 and a further increase of 2.8% in 2009. This demonstrates that Quebec is still one of the more affordable places to buy a home.
ScotiaBank’s analysts are also reporting that while some markets have become buyers’ markets, others still belong to the sellers, albeit moderately. This shows that housing prices across the board are slowly balancing out.
Oh, the banks are also pleased that we are not experiencing any US-style mass mortage defaulting. Same old, same old in that regard.
Of course, these numbers are for the entire province of Quebec. If you’re curious about what that means for a particular Montreal-area neighbourhood, give us a shout at 450.472.7007 or email us at info@mar-vo.com for a consultation.
Happy spring everyone! :)
Source: CMCH, Yahoo News.
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