Historically, the economic downturn in the U.S.
as one faces may spur negative growth in Canada. So far, that has not happened and some optimists have wondered if Canada is changing its economic freedom for the first time. With the abundance of natural resources, the world’s second-largest country has removed itself from the recession so far and Canada’s hot housing market continues to decline.
While the growth of urban suburbs,
such as Vancouver and Calgary, is expected to drop by single digits in 2008, some regions are predicted to see significant inflation as home buyers and investors seek cheaper land while also taking advantage of the boom in Canadian oil, gas and agriculture businesses .
Unlike American financial institutions, Canadian banks have never offered lower interest rates and have been able to avoid debt crisis US Canada has also reduced interest rates because its makers rely on exports to the American market and those trading fall as low as the Canadian dollar. it is rising against its US counterpart.
“Slower growth means lower interest rates and lower interest rates in the real estate market,” Gregory Klump, chief economist for the Canadian Real Estate Association,
told CVV this month.
So Canadian real estate investors and homebuyers are able to lock in with low mortgage interest rates despite the fact that the economy is in a period of increasing growth.
Here’s a look at three areas of Canada that should see a significant increase in demand this year:
1. Sooke, British Columbia –
Part of the Greater Victoria Real Estate market, Sooke is headquartered in Victoria, the capital of the western Canadian province. Located in western Victoria on Vancouver Island, Sooke benefits from warmer weather, growing infrastructure and rising scarcity of land beyond it. To the west of Sooke lies the Pacific Ocean and the vast expanse of undeveloped territory that excludes protected national forest. Only dirt roads reach those areas, which means Sooke is the end of the line as far as the GVRE treasure is placed. As Victoria and its eastern suburbs merge, demand for buildings in Sooke will increase.
2. Gwillimbury, Ontario –
If Toronto were located farther south it would be in the United States and would be the fourth largest city there. And if the pool area is an hour’s drive from a major city in the U.S. was there you would think it would be worth a million dollars. By comparison, Gwillimbury and the nearby villages in Lake Simcoe are much cheaper. But as development in Ontario continues to explode it is likely to change.
3. Greater Saskatoon, Saskatchewan –
It’s cold and flat, Saskatchewan has always been the butt of many Canadian comics, but that has changed. Agriculture is booming and the labor market is pressing hard. Real estate prices followed, with real estate sales in Saskatoon being the most sought after. In January, the dollar value of real estate transactions in the region jumped to 87