(Source: CNW Group)

The global housing recovery continues to gather momentum, according to the Global Real Estate Trends report released today by Scotia Economics.

Nourished by exceptionally low borrowing costs, direct government purchase incentives and improving confidence in the fledging economic recovery, residential real estate in many major developed nations firmed up further in the third quarter of 2009.

“Canada still leads the pack among the markets we track,” said Adrienne Warren, Senior Economist, Scotia Economics. “Inflation-adjusted average home prices in the July to September period were up 11 per cent from the same quarter a year ago, a dramatic turnaround from the 10 per cent yearly decline recorded in the opening months of 2009. According to the report, available monthly data point to a further strengthening in the final quarter of the year.

Read Scotia Economics full press release “Global Real Estate Recovery Continues, According to Scotia Economics” in CNW Group (January 11, 2010).

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