2 Mar 2011

Canada real estate market to be ‘balanced’ in 2011

Toronto homeowners can be confident they won't have to relocate their belongings from area storage units this year, as a recent report from Scotiabank reveals real estate sales will hover around the 10-year average.

"Market conditions are expected to remain fairly balanced, favoring sellers to some degree in the spring and buyers by the fall," said Adrienne Warren, Scotiabank's senior economist at a recent forum held in Toronto. "This, in turn, suggests relatively steady prices, but with more downside risk later in the year."

Another executive who is bullish about Canada's real estate market is Phil Soper, president and CEO of Brookfield Real Estate Services, pointing to the economy's resilience despite the worldwide recession.

"Few advanced countries weathered the global economic crisis as well as Canada," Soper said at the forum. "As real estate markets in many countries collapsed, Canadian homeowners emerged relatively unscathed."

Warren tempered expectations, however, by saying that the market will likely slow down considerably later this year and into 2012 as ownership rates have already reached their peak.

According to the Toronto Real Estate Board, the city has seen a dramatic increase in population numbers over the past two years.

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