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Home : Canada : Canada's housing market one of global top performers

Canada's housing market one of global top performers

Real Estate
Real Estate

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Date: Thursday Dec. 23, 2010 11:47 AM ET

TORONTO — Scotia Economics says Canada's housing market turned in one of the best, but also one of the most volatile, performances among advanced countries in 2010.

In its year-end real estate report, Scotia Economics says global residential real estate markets experienced a modest but uneven recovery this year, supported by ultra-low interest rates and gradually improving economic conditions.

Canada was among six of 12 countries studied that saw home prices increase.

Prices in the U.S. and Germany were flat, while those in Ireland, Italy, Japan and Spain fell.

The Canadian real estate market experienced an unusually active winter and spring prompted by pent-up demand coming out of the recession that gave way to an unusually soft summer.

The bank predicts a more subdued Canadian market in 2011 as interest rates remain near historical lows amid an uncertain global economy.

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Avi
said
0 0

David Dodge warned us of the very high debt load (both secured and unsecured) that many Canadians are facing. Many Canadian families live in suburbia in what their parent's generation would consider monster homes. We experience huge transportation costs and effect our productivity by sitting and idling in traffic.We need better needs assessment of our true housing needs and transit needs. We need to tailor housing and commercial forms towards mid-to-high density development. Do we want to encourage urban sprawl which includes increased personal expense, wasted time for individuals, as well as substantial negative impact on the natural environment just to live in suburbia. Furthermore, the health benefits of densification include more physical activity as people replace walking or transit for their automobiles in compact communities. A proposal that will also encourage densification is to amend the respective current Provincial Property Purchase Tax regimes across Canada to stimulate the construction of high density housing. Each province has certain exemptions that include first time home purchase. I am therefore proposing the additional exemptions and/or reductions based on density and the promotion of public transit usage and cycling:?Within 1 km from RapidBus or Rapid Transit Line) or ?Sliding scale (based on density )


Lz in Edmonton
said
0 0

@ Int Renter. Keep flushing your money into someone elses equity. They love you for it. In the end, they will use that equity to enjoy themselves while you are subjected to your landlords ever increasing rental request. When you own your home, your interest costs are your rental payment. But that might be too much for you to understand.


Will
said
0 0

Cam & the rest of the bubble crowd: give it a rest will you, the sky is not falling and there is no bubble to pop. As for the debt load of Canadians, houses are not responsible for the majority of debt, look no further than your own wallet and the 17 credit cards you insist on having. Me personally: I have a mortgage that will be paid off in 3 months (10 years ahead of schedule), 1 credit card that I keep locked away for emergencies and travel, a line of credit that is used for emergencies only, and NO OTHER DEBT. It's not hard if you LIVE WITHIN YOUR MEANS.


SaskGirl
said
0 0

Intelligent renter: How do you think the landlords are doing it? The cost is being passed on to you in the form of RENT. It isn't as simple as you imagine it to be. Infact, being a homeowner is one way of forced savings that many people would never do on their own. By forced savings I mean that some portion of their mortgage payment, is actually a principle payment which results in equity.


Cam
said
0 0

Residential real estate markets experienced a modest but uneven recovery this year. The wealthy are still able to buy the lower end prices have been falling. When you have zero down mortgages & historically low interest of course people are going to buy. In the past three years bankruptcies have doubled, so the bubble is still there and ready to pop.


Intelligent Renter/Multi-Res Investor
said
0 0

It is unfortunate that for the vast majority of Canadians, purchasing a home is a terrible decision that leads to nothing but solidifying their pointless, mediocre, employment dependant place in society while gobs of money are flushed down the toilet. Ever increasing property taxes, utilities, repairs and maintenance, not to mention the tens of thousands of dollars paid in legal fees, Realtor commissions and mortgage interest. Residential home owners are suckers as they have no one to pass these increasing costs along to but themselves. Keep slaving at your *&%ty jobs homeowners, I’m off to Vegas in two weeks to live it up.


Danny Dinosaur
said
0 0

To the good Prof; the other story with this - from a few weeks back - is about how Canadians have some of the highest personal debt loads in the world. Unfortunately the strong housing performance has been dependent on cheap credit and not so much on a powerful economy. The shovel ready money dump has not done anything for long term growth. But you know us lefties are just against everything anyway.


Prof. Pye Chartt
said
0 0

Come on, Bubble People. Don't disappoint us. Tell us how and why this signals the apocalyptic decline of Canada's residential real estate market. (We've been waiting for 9 months now to witness the truth in your prognostication. Is more patience required?)


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