Home prices have jumped at their fastest rate since January of 2008, which is proof that the housing market in the country is improving. Many experts are hoping the surging housing market will help the overall economy out of the recession.
Home prices were up .5 percent across the country, which is .3 percent more than what the market was expecting. Many experts have felt that of all the economic surprises in Canada over the course of 2009, none beat the amazing rise of the real estate market.
Home prices across the country, and especially in Toronto, have hit levels not seen since before the recession. This is due to the demand that has been lingering in many buyers, as well as the low interest rates and confidence buyers and sellers now have in the real estate market.
The largest gains were in Vancouver, Ottawa and Toronto, which means it, is a good place to get a home and to sell one. However, not all places saw big news with their real estate markets. Windsor saw the largest decline in home prices across Canada.
Housing starts were the highest in Toronto, and surged ahead by 9.4 percent across the country.
This doesn’t mean that the entire economy will come right out of recession though. The economy is expected to grow by two percent in the coming months, but many experts feel that other sectors, especially manufacturing, may drag down the rest, including real estate. So, while the real estate market is surging, it is still hard to make decent money and that means many home buyers could be struggling with their mortgages if things do not improve across the economic board.
While this may seem like doom and gloom, there are other sectors that are beginning to rebound and that should help the economy recover more. What is important is that this is the best time to be buying home. Prices are still relatively good and have not surged ahead too quickly. However, as more buyers come into the market, and the lag for sellers listing homes continues, the prices will continue to rise. By 2010, new homes will be coming on the market in greater frequency and that should help the prices stabilize before they get too out of control.
It is also a good idea to get into the real estate market now because interest rates are expected to remain low until at least June of 2010.
Posted: 2009-11-16 09:40:24
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