Canadian Housing Market Expected to Slow

We’ve seen the housing market in Edmonton (and the Canadian market in general) slow significantly since the summer of 2007 when houses were selling for over list price. According to the Canadian Mortgage and Housing Corporation, we can expect that trend to continue through 2009. CMHC predicts that the Canadian housing market will begin to rebound in 2010.

So far in 2009, housing starts have slowed. Canada-wide sales of existing homes are also expected to decrease in the neighborhood of 14.6 percent. Good news for home buyers, however, as the average Canadian home price (as listed on MLS) is anticipated to decrease 5.2 percent to rest at about $287,900.

For more complete information on the Canadian Mortgage and Housing Corporation’s forecasts, as well as some key housing market indicators, please read their news release.