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Real Estate is Widening Between Canada and the USA

By
Industry Observer with Retired BC Realtor

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. 

 

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Personal Real Estate Corporation

RE/MAX Camosun
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Comments (9)

Jen Hudson
Windermere Real Estate/M2, LLC - Stanwood, WA
Stanwood, Camano & Arlington, WA
Thanks Fred. I think you're right on.  Buy real estate as an investment now!
Dec 30, 2007 04:53 AM
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Fred,

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

Happy New Year

Dec 30, 2007 05:07 AM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

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!

Dec 30, 2007 05:24 AM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

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. 

Dec 30, 2007 05:29 AM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

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!

Dec 30, 2007 05:50 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!
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
Dec 31, 2007 05:44 AM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

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!

Dec 31, 2007 06:18 AM
Kent Simpson
Realty One Group Mountain Desert - Tucson, AZ
Real Estate Is About People
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.
Dec 31, 2007 06:24 AM
Fred Carver Real Estate Consulant
Retired BC Realtor - Victoria, BC
Accredited Real Estate Consultant

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!

Dec 31, 2007 06:50 AM