May 17, 2007
Canada’s condo markets have delivered a strong performance in recent years, and the economic and financial outlook suggests a continued robust performance in 2007 and 2008. Like all real estate, the sales and price experience for condos will be heavily influenced by location. Since 2004, housing markets in central and eastern Canada have generally experienced a soft-landing, with activity moderating, but remaining at high levels, and with prices continuing to rise at a solid pace. The outlook is for more of the same over the next 24 months. In contrast, new and resale housing in the west has been on fire, but soaring prices have eroded affordability in many markets. In 2007/08, housing conditions are likely to cool in the west, but this need not lead to a boom-bust cycle if price growth slows as new supply comes on the market, demand eases and speculation becomes gradually less intense. So while the risks warrant close monitoring, the TD Economics base case projection is for a moderation in western housing activity, but with the price gains, home construction and resale activity all remaining at well above their historical averages. The regional condo markets are likely to be caught up and parallel these broad regional real estate trends, with the result that condo prices are expected to continue to post double digit gains in the west, but slower than that experienced in 2005/06, while prices in the rest of the country advance at a mid-single digit rate. Looking beyond the near-term outlook, there is fundamental support for condos in the major Canadian markets from structural economic trends, including the aging population and the continued urbanization of the country.
More here:
http://www.td.com/economics/special/ca0507_condo.pdf
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12 comments:
edmontons rise in re prices im my opinion will be short lived
Good to see you back.
Things are coming under control. No doubt about that. But it will take around 2 more years to actually feel the impact. I am not just talking about real estate; but also general Alberta growth as well. Housing statistics are directly proportional to that or at least they should be.
Unemployment rate will grow slightly for Alberta and then it will remain steady for next 2 or 3 years. We will have around 170,000 jobs with a growth rate of 2.2% and unemployment will remain steady at 4% for next 3 years.
Unemployment has increased in Calgary, just in points. It is still OK with Edmonton and as the next step it will increase over here as well.
That will impact the housing; though the new equity that people have on their properties will remain good for some time. But there will not be much dramatic changes on either side; meaning up or down.
May be we will not see a direct roller coaster effect.
Net inter-provincial migration will slow down. Years 2006 and 2007 will have maxmium and then it will start falling steadily. Which will also effect the hosuing market.
The good news is that our inflation rate will drop too; which we badly need not only for better real estate but for our groceries as well.
In other words it is pretty much steady for next 3 years or so.
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Hi Is there a new updates on this? Is it still the condos remain an attractive option for many home buyers until this year?
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When I buy a property, I will choose condo too.
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