Canada Real Estate Trends 2011

Looks like residential property markets across the developed world are feeling the pressure thanks to the recent slowdown in global economic activity. But there is a light at the end of the tunnel; seems that Canada’s housing market may have begun to cool down somewhat but it still manages to outperform most other countries.

Canada real estate trends 2011

According to Scotia Bank’s Global Real Estate Trends for 2011, Canada’s housing market stands out in its resilience and longevity, (as do France and Switzerland), and average inflation-adjusted home prices increased by 5% year-to-year in the April-June 2011 period, and leveled out for July and August.

Low interest rates will help potential homeowners afford the record high home prices, but the current uncertain economic standing coupled with Canada’s weakening job market could potentially keep many would-be homebuyers clutching their wallets and waiting.

Canadians purchasing U.S. residential properties

According to the U.S. National Association of Realtors, Canadians purchased upwards of $19 billion in U.S. residential property in in recent months. This represents almost 25% of all foreign purchases of U.S. property over the year ending in March 2011.

Home for sale in Alberta on ComFree

Of course, it’s no wonder: Canadians are taking advantage of the incredibly discounted home prices and weak U.S. dollar. And yes, you guessed it! Canadians gravitate toward Florida and Arizona – two of the warmest locations in the United States.

Canadians purchased $5 billion in Florida property alone over the past year, accounting for 39% of foreign non-resident transactions, with a whopping 57% choosing to go with a condo property, and 90% paying cash.

Almost 66% of those buyers paid less than $200,000 for their Florida property, with a median purchase price of only $152,000.

Click here to see Scotia Bank’s Global Real Estate Trends for 2011.

And if you want to remain in Canada and find yourself a great home, or have decided that you might want to sell your home and indeed, move to Florida, visit ComFree today and do your thing.

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