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Real Estate is Widening Between Canada and the USA

Real Estate continues to Widen between

Canada

and the USA

According to reports in Canada and the USA, where house prices are sinking further in most areas, the lowest in 12 years, down 9% in November. While in 2007 Canadian house prices has surpassed all previous records.

Almost 500,000 homes traded hands in Canada by December 2007, with home sales up 6% over the previous time last year, mainly in BC, Alberta, Saskatchewan, Newfoundland, and Ontario. Home prices increased over 11% year to date with the average price of a home in Canada now over $313,000. Projections are for home prices are to ease in Canada in 2008.

In Victoria BC, (which has the countries lowest unemployment rate), the prediction for 2008 is for a 4% increase in real estate prices. The average single family home price in Victoria at the end of November is currently near $600,000. Source VREB.

Even with a easing of house prices across Canada, Industry experts are predicting real estate will still break a new record in 2008.

On TV last Night (Dec 29/07)Donald Trump was being interviewed and he is predicting to his studio and TV audience that the US Real Estate Market will Bottom out in the next six months and Now and over the next 6 months is a time to buy real estate as an investment. Donald also said Commercial real estate will correct itself with dropping inventory's next year due to the inability by investors to Borrow money to build new Commercial real estate.

In the US mortgage Interest rates are predicted to continue to fall in 2008. In Canada the economy is strong, and rates have stabilized. The Canadian Lonnie eased up again as the year comes to a close at $1.077 US.

In the USA Donald Trump maybe right... Buy Real Estate Now, while everyone else is sitting on the fence.

Posted by Fred Carver,Victoria BC Realtor on 12/30/2007 12:45 PM

Comments (9)

This post has been included in British Columbia Information Capital Area, BC Information

9 Comments on Real Estate is Widening Between Canada and the USA

Thanks Fred. I think you're right on. Buy real estate as an investment now!

12/30/2007 12:53 PM

by Jen Hudson - Stanwood, Camano & Arlington,WA (RE/MAX Signature)

Fred,

We need to be our biggest promoters and get the buyers out there.....

Happy New Year

12/30/2007 01:07 PM

by Dan Brudnok - Realtor, e-PRO, ABR, CSP - Chester County RE Professional (Keller Williams - Exton - PA License Number #RS225179L )

Jen...Donald is a hawk on Real Estate now. He could be a spokes person for your real estate...Call him!

Cheers, and Happy New Year!

Dan...Blog and spread the word, the public does read these posting.Forward this Posting, be proactive, eveyone knows 250 people, just think what 60,000 AR members could do to change the tide!

Cheers, HAPPY NEW YEAR!

12/30/2007 01:24 PM

by Fred Carver,Victoria BC Realtor (Re/Max Camosun Victoria Real Estate)

I think that if I were a property owner in Canada, I'd be thinking of getting out of the market... maybe getting into the US market.

Not only is the appreciation getting overheated, but if the Dollar started coming back, the appreciation of the US property could really perform.

12/30/2007 01:29 PM

by Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty)

Lane....Our economy is Strong, mainly because on low interest rates, Oil and our Raw materials. Canada has a larger Oil Reserve in the Alberta Tar sands and any other country. Don't worry Canadians are already buying in Florida, Las Vegas, Arizona, etc. and have been so some time.

Our Mortgage business operates differently so we cannot have the same issues lenders are having in US, we will see a slow down, and that is healthy,

Cheers, have an AWESOME YEAR IN 2008!

12/30/2007 01:50 PM

by Fred Carver,Victoria BC Realtor (Re/Max Camosun Victoria Real Estate)

Fred- Thanks for a great post! Was that a Canadian Station that you saw Trump on? Canadians buy lots of property down here in Florida. In fact, after South America they buy more Florida real estate than any other country. It is now a great time to buy in Florida. Katerina

12/31/2007 01:44 PM

by Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.)

Hi Katerina...I watched Donald Trump live show on the TV business network on CNBC show "The Billionaire Inside" .

He was very gracious, especially with the Trump wannabes asking how to be successfull..his response "know everything about what you wanting to do", then Never Give Up!

Donald was asked about the Real Estate Market and investing in real estate, his response"Buy Real Estate within the next 6 months", as he said that's when the real estate market will bottom out.

He should be a spokes person for NAR or at least AR. Spread the word!

HAVE A HUGE YEAR IN IN REAL ESTATE IN 2008!

12/31/2007 02:18 PM

by Fred Carver,Victoria BC Realtor (Re/Max Camosun Victoria Real Estate)

With the strength of both Canada's market & the Loonie vs. the $US, the time is ripe for Canadians to invest in U.S. real estate. We are already seeing this trend in Arizona.

12/31/2007 02:24 PM

by Kent Simpson REALTOR®, CNS®, AHS®, RECS® (with The Pepper Group™ Diversified Real Estate)

Hi Kent..I understand many Canadians have been buy south of the border for several months. On the way to NAR, we met two couples on the plane going to Vegas to buy a house.

HAVE A HUGE YEAR IN REAL ESTATE IN 2008!

12/31/2007 02:50 PM

by Fred Carver,Victoria BC Realtor (Re/Max Camosun Victoria Real Estate)

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