Great News For Canada’s Mortgage and Real Estate Markets | Canadian Home Sales To Remain Strong

18 June, 2008 / by marketing

There was reassuring news on the wire today for Canadian mortgages and real estate markets.  Canada’s housing market appears to be rebounding from a rocky start to the year according to the latest numbers released June 18th by Statistics Canada, in its Leading Indicators, May 2008 report.

“The housing index jumped 1.9% after seven straight declines,” according to Statistics Canada. Significantly, StatsCan reports that, “Housing starts strengthened in May, while existing home sales rebounded form a weak start to the year, which partly was due to poor weather.”

The Statistics Canada report on Canada’s leading economic indicators confirms the housing forecast released on May 6th by the Canadian Real Estate Association, which forecast that home sale activities would “remain strong in 2008 despite trending lower from record-level activity last year.” Overall, the CREA forecast price gains setting new records across the country, although it forecast that “price gains will be smaller than in recent years.”

The numbers released today by Statistics Canada, showing strengthening housing starts and rebounding home sales, confirm the view that the markets for Canadian mortgages, housing and real estate are much, much healthier than those of the U.S. due to more conservative Canadian lending practices and tighter regulation of our financial institutions.