Canadian Housing Market
Canada's housing market remains one of the strongest markets in the world, the latest Global Real Estate Trends report from Scotia Economics shows.
"Canada's housing market stands out in its resilience and longevity," Scotia Economics said. While record low interest rates will help offset the climb in home prices, the report noted the economic uncertainty may dampen buyers' enthusiasm and contribute to its forecast of slowing sales and stable prices for the remainder of the year.
The board said the average resale home is selling in 39 days, as opposed to 33 in July.
The average selling price of a residential home in Ottawa during August was $360,405, an increase of 6.3 per cent over August 2010. The average price of a condominium was $252,999, an increase of 3.1 per cent over the same month last year. The average price paid for a Canadian home so far this year was $364,953 compared with $339,030 in 2010