Canadian housing market grows despite global troubles

The global real estate market looks dim in the face of the recent stock market volatility and doubts over economic recovery; residential real estate buyers are refraining from purchasing homes, and instead are trying to save money or repay debt. Economists expect this to continue until people start to see signs of economic recovery.

On the other hand, the Canadian housing market has seen an average of 5% price growth in the April-to-June period, and is one of the few developed countries that saw year-to-year price growth. Economists believe that the ultra-low interest rate is one of the reasons for the housing affordability in Canada, but they also believe that with the economic uncertainty heightening, increase in both sales and prices will slowdown heading towards year end.

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The Vancouver Sun – Sept 29th, 2011