Real Estate still the same-2008 set to start as a sellers market ... Waterfront is likely to bear this out!
A new report released by the Canadian Real Estate Association (CREA) has found that real-estate transactions in most major markets are still at record high levels. It doesn't comment specifically on waterfront properties however the same general trends apply with waterfront values steadily increasing-although time to sell is longer.......Canada's 25 biggest markets show 345,577 sales of existing homes in November, which is 2.7 per cent ahead of 2005's previous sales record of 336,646. The report also showed a seasonally adjusted level of 29,992 sales last month, up 3.2 per cent from October, driven by increased activity in Vancouver, Toronto, Edmonton, Calgary and Saskatoon.
CREA chief economist Gregory Klump said, "Demand remains strong due to continuing job and income growth, and upbeat consumer confidence that is helping retain a seller's market in most major markets". Last month the average sale price was up 11.6 per cent from last year to $332,807. The increase marks the seventh consecutive month that prices are up more than 10 per cent with average price records being set in Montreal, Quebec City, Victoria and Kitchener-Waterloo, Ont......so we aren't at the top but still doing well...will see what the rest of 2008 holds!
(All cited quotes & figures are from the Canadian real-estate markets clinch early record - Financial Post, Dec 17)