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Toronto Market conditions

The real estate market just keeps moving on up

 National home sales activity now forecast to rise 8.1% over last year

 Just how good is it going to get? That seems to be the question on every Canadian homeowner's mind these days. The answer is better than even the industry expected. Fueled by record activity levels in the first half of the year, national MLS® home sales activity is expected to reach record levels again in 2007. At least, so says the latest residential forecast released August 20 by The Canadian Real Estate Association (CREA). What's more, the increase forecast for this year is being revised upwards, with yet another near-record year predicted to follow.

CREA now forecasts that national home sales will rise by a whopping 8.1% to 523,100 units in 2007. The good news continues right across the board as new annual records are expected to be set in most provinces. While sales activity is forecast to edge slightly lower in 2008, it's still expected to reach the second highest annual level on record in almost all provinces.

But the real good news for homeowners is when it comes to price. In addition to sales activity, resale home prices are forecast to set new records in every province both this year and again in 2008. However, while prices will continue to rise, the increases are forecast to be smaller next year. The resale housing market is expected to become more balanced, particularly in Western Canada , as housing prices continue to increase in 2008 and higher interest rates further impact affordability.

According to CREA, consumers continue to have strong confidence in Canada 's resale housing market and the record-breaking pace indicates the Canadian market has shrugged off the sub-prime problems that have been affecting the housing market in the United States and a number of investment funds. Home buying sentiment remains upbeat in all regions and mortgage financing is still within reach for many potential homebuyers. Strong employment numbers will keep sales activity strong, even as prices and interest rates continue to rise.

If you're a homeowner, it's a great time to sell and realize some of the equity that's locked within your home. If you're a buyer, there's no time to waste. By acting quickly, you can still lock in an attractive interest rate and see your property appreciate in value. Contact me at http://www.epsteinrealestate.com to take advantage of their expert advice.

Published Tuesday, August 28, 2007 10:25 AM by Jordan Epstein

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