Resale housing market on fire in May
By ebizniz on June 20, 2007 - 9:54pm
A recent Financial Post article Resale housing market on fire in May reported Canada's major markets was up 11.6% year-over-year to 42,039 units, and MLS residential average price rose 10.2% year-over-year to set a new monthly record of $333,524 in May.
In another article by Edmonton Journal Housing market still sizzling in May, Vancouver was reported to hit an all-time high top of $591,722. The steepest housing price increase was in Edmonton, up 47.3%, followed by Saskatoon, up 44.1% year-over-year.
The Canadian housing market appears to be insulated from the current housing slump in the U.S.A. Most Canadian economists are optimistic that the bullish Canadian housing market will be sustained through 2008. According to CREA economist Klump, "price increases will slip below 10 per cent this year to an average of 9.7 per cent, and then ease further to 5.5 per cent in 2008".
