OTTAWA – January 23, 2008 – The Canadian housing market in 2007 set a number of MLS (r) sales records, and the re-sale housing market is expected to remain at near record sales levels in 2008, according to the Canadian Real Estate Association.
″The results in 2007 show the strength and the affordability of the Canadian residential market“, says CREA President Ann Bosley.
Three key economic ingredients will keep Canada's housing market on a different track from the United States. One is consumer confidence, the second is employment, and third is affordable interest rates. The Bank of Canada cuts interest rates on January 22nd because of weaker prospects for Canadian economic growth in 2008. The Bank of Canada is expected to cut its trend-setting rate again in March.
Source: The Canadian Real estate Association / L'association Canadienne de l'immeuble
