Tuesday, February 26, 2008

Another Healthy Year Ahead for Canadian Real Estate Markets

Scotiabank Forum Predicts Another Healthy Year Ahead ForCanadian Real Estate Markets

Economic conditions still favor Western Canada

While Western Canada continues to lead in price appreciation, average home prices rose by at least five per cent in all provinces last year. The momentum of construction and sales has carried through to 2008.

From a supply perspective, most Canadian markets are still in sellers' territory, in which prices would be expected to rise faster than inflation.

Commercial markets to lead

Commercial market activity in Canada should be brisk in 2008 even as the pace of residential building gradually cools. Notwithstanding a number of major new office tower developments currently underway, centred in Toronto and Calgary, significant new space is not expected until 2009.

A housing boom for the history books

Between 1998 and 2007, average inflation-adjusted home prices have soared some 65 per cent, easily besting the 32-56 per cent appreciation of the prior three housing cycles of the 1960s, 1970s and 1980s. To read more, click here.

Published: Tuesday, February 26, 2008