As the housing market starts to creep back, it may just be that time to be calling your Chestermere Realtor and look at purchasing that home in Chestermere that you have been thinking about.

Here are some great outlooks about the outlook in Canada right now

British Columbia

In the first quarter, housing affordability in B.C. showed the sharpest improvements since 1991. Sales of existing homes have picked up vigorously since the November-January lows, prices appear to be leveling off and more balanced supply and demand
conditions are expected to emerge in coming months.

Alberta markets crawl back

In Calgary, while concerns about the oil and gas industry still weigh on the market, unit sales are almost on par with 2008 levels. Year-to-date prices, at $380,489, are 7.5 per cent off last year’s pace.

In Edmonton, the market began showing signs of recovery by February. Year-to-date, the number of homes sold is up 6 per cent to 13,691. This year’s average price of $319,939 is 5 per cent below last year’s prices.

Saskatchewan and Manitoba

In Regina, sales have increased by 5 per cent year over year and average prices are up 6.4 per cent to $244,088.

In Winnipeg, the number of sales has declined, but average prices are up 3.5 per cent year-to-date to $207,006.

Significant improvement in affordability has helped the Saskatchewan housing market pick up pace again after bottoming at the
start of the year. Moderately stronger sales of existing homes this spring and a slower pace of home sale listings have restored some
balance into the market.

Supported by relatively favourable affordability rates, Manitoba’s market continues to be among the most resilient in the country. A relatively robust economy, steady population growth and recent improvement in affordability should support housing demand in the period ahead.

Strong sales in Ontario

“Despite dire forecasts for a long and drawn out recession, housing sales have soared in the Greater Toronto area in recent months, with more than 58,000 properties changing hands between January and August 2009. Average Toronto prices are up 0.3 per cent to $385,978.

In Ottawa, unit sales are up 2.5 per cent and the year-to-date average price of $301,684 is up 3.3 per cent from the comparable period in 2008.

Spring resales figures show a surprising amount of activity in Ontario, with average prices for existing homes climbing back to where they were mid-2008. Much of this resurgence in the province is due to greater affordability, with homeownership costs for detached bungalows and condominiums dropping below long-term averages.

Qubec

The costs of owning a home in Atlantic Canada continue to improve, with housing affordability rates among the best in the country. Favourable affordability levels in Atlantic Canada have given the region some protection against the housing storm with minimal declines in property value.

Atlantic provinces: Sales and prices up

“Activity has exploded with the success of the oil sector,” driving average prices in St. John’s., Nfld. up 18 per cent year-to-date to $203,584.

In Halifax-Dartmouth, average prices are up 3.5 per cent to $239,633.”

Resale activity has rebounded quickly in Quebec, reflecting a home ownership market that is now more accessible than has generally been the case in the province since the mid-1980s. Home prices have generally stayed their upward course, even through the period of weaker resale activity earlier this year.

Home affordability is being fully restored in Alberta, with declining mortgage rates and home prices in the housing market
sparking renewed interest from buyers, according to the latest housing reportreleased today by RBC Economics.

“The RBC Affordability measures are now broadly back to their long-term averages after record quarterly declines in the first quarter of this year,” said Robert Hogue, senior economist, RBC. “With affordability at the most favourable levels of the last two years, Alberta’s housing market is likely at the point of turning a corner, which will be further supported by a reductionin the supply of homes and expected economic recovery in the province.”

As buyers made their way back into the market, sales of existing homes rebounded this spring after reaching their lowest point since 1996 at the beginning of this year.
Corinne Watson.com
www.corinnewatson.com

source -NewsWire, Calgaryherald.com