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August 23, 2007

Home Demand to the Moon

soaring The Canadian Real Estate Association (CREA) was a "little" shy on this year's home sales estimates.

In May they forecast that 2007 home sales would rise 3.6% from 2006.  Now, they expect 523,100 homes will sell this year--an 8.1% increase!

As for prices, CREA predicts a jump of 10.4% nationwide in 2007, and 5.5% in 2008.  Price may very well set records in every province this year.

With these kind of numbers homeowners will undoubtedly need more of one thing:  buying power.  Expect demand for long amortizations to continue exploding.

More from the Vancouver Sun...

Posted at 11:39 AM |

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Canadian Mortgage Trends (CMT) delivers the latest mortgage news in Canada for homeowners, online mortgage brokers, and real estate professionals. Legal Information: Consult a qualified mortgage advisor before making any mortgage decision based on information you read here. Similarly, if you see a financial or tax strategy discussed here, always consult a licensed and qualified investment or tax advisor to ensure the strategy is right for you. Mortgages, investment, and tax strategies mentioned on this website are not appropriate for everyone. In many cases, they may not be feasible at all and/or entail serious risks. While reasonable effort is made to ensure the accuracy of information and data contained herein, accuracy, facts, completeness, and suitability can not be guaranteed. Past performance is not a good predictor of future performance. Results, rates, strategies, and terms are not guaranteed and CMT and its affiliates assume no liability for any losses that may occur from your reliance on such information. The information on this site reflects purely our opinions, and not necessarily the opinions of any other party. CMT is a news site, and not affiliated with most of the people or companies mentioned. Information herein is not intended to be, nor does it constitute, mortgage advice, investment advice, tax advise, financial advice, recommendations, or solicitations to buy or sell securities. CMT personnel and related parties may have an interest in the mortgages, services, companies, products, or securities mentioned on this site. Please contact us if you require clarifications of the above. CMT is owned and operated by McLister Enterprises Inc. Contact us at (800) 280-2460. Thank you for reading CMT. Copyright 2007. All rights reserved.