Housing market to see ‘significant growth'

Canada's housing market has weathered the recession relatively well and now seems poised for “significant growth” in the final quarter of this year, as report by a local real estate company. He went on to say, “While there may still be some challenges down the road, the worst is definitely behind us in the housing industry,”

The bounce-back that began in early spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now under way.

Across the country
Vancouver leads the recovery; with sales are 14 per cent ahead of last year's figures for the January to August period at 23,158 units, with a lot of the activity generated by first-time buyers who were previously priced out of the market.

Alberta markets crawl back. In Calgary, while concerns about the oil and gas industry still weigh on the market, unit sales are almost on par with 2008 levels. Year-to-date prices, at $380,489, are 7.5 per cent off last year's pace.
In Edmonton, the market began showing signs of recovery by February. Year-to-date, the number of homes sold is up 6 per cent to 13,691. This year's average price of $319,939 is 5 per cent below last year's prices.

Saskatchewan and Manitoba: Home prices up. In Regina, sales have increased by 5 per cent year over year and average prices are up 6.4 per cent to $244,088. In Winnipeg, the number of sales has declined, but average prices are up 3.5 per cent year-to-date to $207,006.

Strong sales in Ontario. Despite dire forecasts for a long and drawn out recession, housing sales have soared in the Greater Toronto area in recent months, with more than 58,000 properties changing hands between January and August 2009. Average Toronto prices are up 0.3 per cent to $385,978.
In Ottawa, unit sales are up 2.5 per cent and the year-to-date average price of $301,684 is up 3.3 per cent from the comparable period in 2008.

Atlantic provinces: Sales and prices up, activity have exploded with the success of the oil sector, driving average prices in St. John's Nfld. up 18 per cent year-to-date to $203,584, Re/Max said.

In Halifax-Dartmouth, average prices are up 3.5 per cent to $239,633.