Given that the rest of the world is seeing a struggling real estate market, it comes as a shock to many that in Canada, the market it booming. Canadian real estate has had a fantastic year. There are a number of factors behind this, and in this recent article in Canadian Real Estate Magazine, the author uses a RE/MAX report to explain what they are. As a RE/MAX agent in the Brantford-Brant County area, I make it my responsibility to share the latest market news and statistics with my clients. Here are a few reasons why home prices have gone up so much in Canada:
New construction is booming. Many countries, including the United States, are seeing a huge hit in their home construction sector. In Canada, that is not the case. Many of the cities in Canada have aimed to revitalize their communities, and with that comes an increase in construction. For example, during a time where the average homebuyer was flocking to condos instead of homes, many major cities constructed multiple new condominium complexes. From the luxury to the entry-level, the new units fulfilled the needs of a wide array of homebuyers. With the boom in condo construction came an increase in home prices, revitalizing the Canadian real estate economy.
Home improvement has become very popular. Did you know that an estimated $450 billion has been spent on home renovations in the past decade? With more home improvement comes an increase in home prices. As a result, the average value of a Canadian home doubled from $163,951 in 2000 to $339,030 in 2010. The interest in revitalizing and renovating that hit Canadian communities caused people to invest more money in making their home modernized, updated, and impressive to potential buyers. The surge in remodeling projects was a strong contribution to the healthy state of our national real estate market.
Many other factors, such as boosted jobs and low mortgage rates, also played a strong role in the increased housing prices in Canada, but these two are the ones that were most overlooked. New construction and home improvement efforts played a strong role in making the Brantford real estate market healthy and steady. The information given by the RE/MAX report from this article demonstrates that now is both a great time to sell AND buy a home in Canada.
As your Brantford-Brant County real estate and community resource, I always strive to keep my service area updated on the latest findings and statistics for our local real estate market. If you want to see a market report for your community, don’t hesitate to visit my website or contact me! I’d be happy to let you know what’s happening in Brantford real estate. I hope to hear from you soon!
Wally Dufrat
RE/MAX Twin City Realty, Inc. Brokerage
Contact Me
Visit My Website
See My Listings
Follow Me on Twitter
Add Me To Your Circle
No comments:
Post a Comment