Canada's Housing Bubble

Jan 25, 2010 Glenn Sergius Mesich Media

Last week the number of sales of attached housing units increased. The rate of sales is up. When compared to the previous week one can see the market as more active. The demand to invest in housing remains strong.

Sales of detached units grew by a third. The number of units that were not sold yet removed from the sales lists decreased. Combined these markers seem to indicate that with more choices available the housing market is gaining momentum with outside influences having less impact.

With Bank of Canada interest rates pledged to remaining low until July 2010, purchasers are taking advantage of the rates and buying. It seems entirely possible the interest in purchasing real estate will continue Canada wide until then.

Look at the following information. Courtesy of Agent Will

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On Nov 11, 2009 Richmond BC realtor James Wong said: "This may be the best time to sell when others are buying. If everyone is thinking of selling, it may be too late. Home prices can easily fall 15% to 20% when market sentiment turns, and home sellers are rushing to sell."

Click here to read James Wong's "Real estate lost decade?"