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Home values continue to grow through 2008

If you're like most Canadian homeowners, you're probably congratulating yourself on your foresight when you bought your own property. Now you can sit back and watch its value appreciate in today's hot market. You also might be wondering where house prices may be headed in the near future. Whether you're looking at this year or next, it's good news for homeowners in major markets all across Canada . At least, so says the latest residential forecast released by The Canadian Real Estate Association (CREA). The forecast has been revised upwards and now predicts a record year for sales in 2007, with yet another near-record year predicted to follow.

CREA now forecasts that national home sales will rise by a whopping 8.1% to 523,100 units in 2007, with new annual sales records expected to be set in most provinces. While sales activity is forecast to edge slightly lower in 2008, it's still expected to reach the second-highest annual level on record in most provinces.

But the really good news for homeowners, and particularly for home sellers, is that prices will continue to climb across the board. In fact, CREA forecasts that resale home prices will set new records in every province both this year and again in 2008. However, while prices will continue to rise to the end of next year, the rate of increase is expected to be smaller next year. In most markets next year, you will not see the double-digit appreciation that you've enjoyed in the past. Still, as record price builds on top of record price, your home will continue to represent a very sound investment.

According to CREA, consumers continue to have strong confidence in Canada's resale housing market. Home buying sentiment remains upbeat in all regions and affordable mortgage financing is still within reach for many potential homebuyers. Strong employment numbers will keep sales activity strong, even as prices and interest rates continue to rise.

If you're a homeowner, count your blessings. If you're a potential home seller, you've got great timing. The market is active, buyers are competing for attractive and well priced properties, and your home will command a good price. And by acting now, you'll be taking advantage of the large number of buyers that are currently still in the market. Want to know more about market conditions, home prices in your community, or even what your own home is worth? Contact us and let us know how we can help with your real estate plans!

Posted on Tuesday, September 18, 2007 at 12:44PM by Registered CommenterElaine in | CommentsPost a Comment

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