“Canada’s residential real estate markets are set to return to more normal levels of activity,” reports the Toronto Sun. According to an analysis released by real estate brokerage, Re/Max, and reported by the Sun, “improving economic data, rebounding commodity and equity markets and a steady supply of new homes for sale mean the outlook for housing market has vastly improved over the past three months.”
The Re/Max analysis is consistent with an analysis released by the International Monetary Fund, which counts Canada’s home mortgage and real estate markets amongst those “rebounding economies” (along with most Scandinavian, and some Asian Pacific countries) where the decade-long run up in housing prices is settling to more normalized levels without a deleveraging housing bust.
“Though year-over-year gains might be out of reach,” largely as a result of “unusually robust activity” and record sales in the last half of 2009, “sound market fundamentals will support a healthy finish to 2010,” according to the Re/Max analysis.
Home mortgage and housing markets appear to be sound, while “(h)ousing values are holding steady,” according to Sylvain Dansereau, executive vice-president, Re/Max Quebec. Mr. Dansereau noted that, “the urgency characteristic of earlier this year has subsided,” while, “an ample supply of homes exists across the board.”
As markets normalize to more historical levels in terms of value and sales activity, Canadian mortgage rates remain well below historical norms. A well-resourced mortgage broker can assist first-time homebuyers in finding mortgage rates and terms that are both affordable and well-matched to individual circumstances.
