2010: Housing Records?

By Elli Davis, February 10, 2010

The resale housing market is predicted to reach 527,300 units in 2010, which would mean a 13.3 percent increase from last year. As Canadian Real Estate Association announced on Monday, that would actually be a new annual record, even 1.2 percent higher than in a very successful year, 2007.

The chief economist of CREA, Greg Klump, believes that the currently low interest rates and buyers trying to purchase property before the harmonized sales tax becomes effective also in Ontario and British Columbia will help to noticeably increase sales in the first half of 2010. After the expected successful first six months of this year, sales are predicted to be lower in its second half, though. The reason is the very likely rise of interest rates, Klump claims.

I'm looking forward to see how the housing market will be doing in the next few months. If it was as good as Klump thinks, 2010 would be an amazing year.

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