Market Conditions In Canada

If you're a mortgage broker in Mississauga, you're probably an expert on Canadian real estate. When you go shopping for a home, you always know the best time and the best place to look to get maximum value for your money. But most of us are not mortgage brokers. We experience a lot of uncertainty when it comes time to think about buying property. We want to know we're buying in a good area, that we'll get a return on our investment, and that it's the best time to buy. In other words, we need to look into the market conditions across Canada. This article should help familiarize you with the Canadian real estate market in 2010.

Of course, mortgage rates are important as is the type and term of mortgage you get. It may make sense to deal with a mortgage broker to find the plan that is best for your situation. MorCan Direct in Toronto is one such mortgage broker, and has developed this handy "widget" that real estate agents they deal with can put on their websites in order to keep everyone up-to-date on the current rates:

Toronto Mortgage Rates
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As most of you are aware, real estate markets all over North America suffered greatly during the sub prime mortgage crisis and the recession that came afterwards. From 2006 to 2008 prices dropped so much that Kingston Ontario waterfront properties agents felt like they were practically giving properties away. It was a great situation for buyers, but an abysmal one for sellers. Luckily, though we're still struggling with the recession, the real estate market in Canada is on its way up again, and is improving faster than the American market. In fact, Canada is second only to Australia in real estate price increases.

There was a big jump in demand for housing during the first part of 2010, which meant that prices took a big jump. Since that time, however, demand has mellowed out. The beginning of the year was the best time to sell Canadian property, and the rest of the year should be more average. There is still the housing bubble in Ontario, though, with prices of condos for sale in downtown Toronto on the rise. It's a good time to sell those, although beware of the anticipated bubble burst.

Though new homes continue to be built in all major Canadian cities, it is resale homes that are commanding the best prices. Therefore you might run into a situation where brand new houses for sale in Brampton are actually cheaper than older homes of the same size. Prices are rising constantly, however, in all the major cities as more jobs are created and residents gain more purchasing power, so if you're looking to buy in one of these markets sooner is almost always better than later.

The average price for a home in Canada for 2010 is a little over $340,000. The cheapest places to buy homes are in the Atlantic Provinces, where you can get your hands on PEI real estate for an average of $195,000. The most expensive place to buy is British Columbia, where homes go for an average of $495,000. B.C. is followed closely by Alberta at $351,000 and Ontario at $346,000.

If you would like to see comparative home prices in Burlington Vermont, click here.

We hope you enjoyed reading this article. If it left you wanting more, you may find the Feature Highlights of Kingston Ontario Waterfront Properties to be an interesting read.

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