27 Sep 2011

Canada housing picture slows but remains strong

Global financial instability has led to a market slowdown for Canada's real estate picture, but on the whole – and compared to other countries – housing conditions are solid, a new report reveals.

Market research firm Scotiabank recently released its Global Real Estate Trends report which analyzed the real estate conditions in nine countries throughout the world. Canada was one of three that had positive year-over-year home price growth. The others were France and Switzerland.

Still, there were signs of weakening in Canada's real estate market.

"In the majority of the major markets we track in North America, Europe and Australasia, inflation-adjusted home prices declined on a year-over-year basis in the second quarter of 2011," said Adrienne Warren, real estate specialist for Scotiabank. "While Canada's hot housing market also has begun to cool, it remains a notable outperformer."

She went on to say that a weak jobs market may prevent some people from buying homes during the remainder of the year, but thanks to exceptionally low interest rates, home affordability should remain strong.

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