Words: Ashley Rigg
Published: 29th September 2009
Canada: Surge in real estate prices
The Canadian Real Estate Association have revised their real estate sales and price forecasts after low interest rates and sensible expectations about the economy have created a sense of optimism about the market.
The most remarkable turnaround is in Alberta where average prices have risen 11.3% year-on-year according to the association’s figures.
It is not getting carried away however. For Alberta, it forecasts residential sales will decrease by 2.5% this year to 55,000 units and increase by 10.5% in 2010 to 60,750 units.
“It largely reflects something that already happened namely the second quarter which has seen a combination of low interest rates and a sense among consumers that the worst of the recession may be over,” said Gregory Klump, chief economist with the association.
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Property Wire
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