(NC)-Canada's real estate market was off to a strong and stable start this year with healthy year-over-year house price gains. These solid appreciations are largely due to the shared effects of resilient local economies, high immigration levels, and relatively low interest rates - all leading to strong buyer demand, according to Royal LePage Real Estate Services' Canadian house price survey.
While almost all markets surveyed experienced price increases, it was the smaller cities with relatively affordable housing and strong economies based on resource industries that emerged with the most significant gains.
"Canada's housing market remains on solid footing. With the notable exception of a handful of small western cities, the country has returned to an environment characterized by moderate house price increases," said Phil Soper, president and chief executive, Royal LePage Real Estate Services. "These conditions are far more agreeable to those searching for a home, and are more sustainable in the long term than the sharp price increases recently experienced."
In addition to steady population growth, the structure of Canada's financial services industry, and the lending products they provide, has buffered the country from the credit issues that currently exist within the U.S. housing market. While Canada will not escape the negative impact of a troubled American economy, Canadians' home equity should remain safe, as the market moves into a period of slow growth, but growth nonetheless.
More on trends in your neighbourhood is available online at www.royallepage.ca.
-News Canada