Market Conditions - June 14, 2006 by Carla L. Davis
Canadian markets are booming this year -- setting records not unlike those seen in the U.S during 2005. Edmonton, Alberta, known in the 1940's as the Oil Capital of Canada, has seen 22.6 percent more sales this year than last. The average sale price has risen an astounding 26 percent. Unlike many American markets at this time, inventories are still moderate to low, affording sellers more leverage, and decreasing the days a home sits on the market -- now at 23. Buyers should expect an average home price of $282,208. But housing isn't overpriced, or so say the experts. "This market is nothing like the 80's boom," says Madeline Sarafinchan, EREB President. "Prices are increasing steadily but housing is not overpriced. Mortgage rates remain low and consumer confidence is high." She added that there is no increase in foreclosures and resale property retains its value because it is priced well below new construction. Vancouver, British Columbia, is seeing some amazing numbers as well. A sellers market with moderately rising prices, the area has seen between 13 and 16 percent appreciation rates. Note experts from TD Canada Trust, high sales into the second quarter were predicted. With increases in the economy and median family incomes has come a strengthened real estate market. | 
