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Canadian housing markets buck recession and trend upwards, says RE/MAX

Mississauga, Ontario (September 24, 2009) - With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found 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 well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

"Markets are heating up across the country," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010."

 
 
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$194,900
$209,900 SOLD $219,900 $219,900 $229,900 $239,900 $239,900 $244,900 $239,900 $249,900 $269,900 $249,900 $269,900 $274,900
$269,900 $274,900 NEW
$289,900
$299,900 $349,900 $399,900 $419,900 SOLD $449,900 $499,000 $499,900 $499,900 $549,900 $549,900 $849,000

VACANT LAND

MLS#91685 - Keewatin Drive, Lot 13 Lakeside building lot $124,900

MLS#91383 - Lot 1 Payn Road - $74,900 MLS#91384 - Lot 2 Payn Road - $74,900 MLS#91384 - Lot 3 Payn Road - $74,900 MLS#91384 - Lot 4  Payn Road - SOLD

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 Lakeshore Realty Inc. Brokerage
"Independently owned and operated"
1011 Elgin Street West, Cobourg, Ontario, Canada K9A 5J4
Bus. Phone: 905-373-7653 Fax: 905-373-4096 - 24 Hour Pager

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Last modified: 11/11/2009
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