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Canada's Real Estate Market On The Road To Recovery

June 15, 2009 11:25 a.m. EST



Toronto, Ontario (AHN) - Another positive report from the Canadian Real Estate Association for its May sales is expected by industry observers following a forecast by economist of recovery for the real estate market.

The CREA is expected to release the May data on Monday. Since February the association has been reporting rising sales. In April the increase was by 11.2 percent. It was considered the largest month-to-month increase in sales activity in five years, with almost 35,000 homes sold.

BMO Nesbitt Burns senior economist Michael Gregory explained to Globe and Mail Canada's worse recession took place from December 2008 to January 2009. Because of low mortgage interest rates and a dip in prices, home buyers are no longer cautious, but have regained confidence in the market.

Bank of Nova Scotia senior economist Adrienne Warren added a positive year-over-year gain may be registered for May, or the latest for June as economist expressed optimism home sales would recover from its 10-year ebb in January.

The bulk of the home purchasers are made by those buying affordable houses for the first time. These are within the vicinity of $400,000.

The Toronto-Dominion Bank Financial Group, in its economic observation issued in May, said as sales stabilize, the average price and the TD Home Price Index should be able to provide a similar picture of the industry's situation at the national level.

TD economist Pascal Gauthier wrote, "Our expectation is that sales will have firmed up slightly from those in the first quarter, and that Canada's major metropolitan markets will continue to move largely in tandem in the near-term."

 

 
 


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