“real estate market in Canada is on the rebound…the recovery is occurring faster than the bank (BMO) predicted in March…”
(Source: The London free Press)
The real estate market in Canada is on the rebound, a senior economist with the Bank of Montreal says. Speaking yesterday at a housing market panel in London, Sal Guatieri said house prices are stabilizing and sales are trending up across Canada.
The recovery is occurring faster than the bank predicted in March, he said.
“Affordability is now the best in five years, so we are seeing the housing market better than we anticipated, given people are still losing their jobs.” Although London is struggling with double-digit unemployment, the price of resale homes in this area has been stable, down just over 1% in the past year.
House prices have risen about 65% in London since 2002, below the national average of 80%.
Read the full article by Hank Daniszewski “Affordability drives rebound in real estate” in the London Free Press (June 11, 2009)