Residential real estate sales should be recovering in almost all major Canadian cities by the end of 2009, with average prices reaching new records in an improved economic climate according to a new housing report.
The survey for 2010 predicts that sales will be lead by an anticipated 45% increase in Vancouver, while Ottawa and Quebec City are also expected to hit historic highs in the number of homes sold.
As economic performance improves, average prices are also expected to improve by around 65%.
83% of markets are expecting to see sales increases over 2009 levels, with housing values expected to rise 91% of Canadian centres in 2010.
The remaining markets are expected to remain similar to 2009 levels.
This report examined residential real estate trends in 23 real estate markets
With the economy improving, and the recession now behind us, it is only matter of time before we see certain markets improve drastically.
More homeowners will be coming out from hiding and putting their homes on the market. As more inventory comes onto the market, prices should stabilize further, however if buyers begin to make purchases on more expensive homes, the average price will move upward.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
