Real Estate Companies
Shane Harder
Canada's housing demand is the strongest it has ever been. This 10 year trend is still going strong despite the housing downturn in the United States. Last year Canada set an all time record for resale home sales. Although 2008 will most likely not match those levels, the market continues to be healthy across the country. One province in particular, British Columbia stands above the rest.
The current housing boom is going on 10 years whereas the prior three cycles ranged from five to six years. On a world scale this trend has outlasted many economies around the globe and is now a world class destination. This is clearly a result of home rising continuously for the past 15 years. You’ll notice British Columbia’s fundamental structure remain solid: unemployment is low, immigration is high, and the vacancy rate for apartments is low.
Trends cannot last forever and the risk of a U.S. recession is getting closer day by day. The U.S. recession could indeed cause home buyers in Canada to consider postponing their buying diction. Canada Mortgage and Housing Corporation predict that house prices will grow by 5.2 per cent in 2008. This is no doubt a pretty good increase, but not as good as the 10.6 per cent growth seen last year.
What are the chances of a U.S.-style housing meltdown hitting Canada? Because we learn from others, Canadian mortgages have been put under stricter rules and regulations regarding approval status. This means someone who may have been approved for a mortgage last year, may not necessarily be approved under today’s regulations.
All factors considered, British Columbia is a world class destination for universal heath care, beautiful cities and clean water. With increasing world population and world pollution, Canada is a safe refuge for real estate investors. Let’s look to Canada as the future leader in real estate standards today.
Shane and Sheleana Harder own and operate BCHN.com, working to provide their clients with nothing but the best in quality education.
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