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Canadian Housing Market; Polar opposite of ours?
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Canada price: $500,000. La Quinta price: $175,000
The Canadian housing Market is on fire..that sounds so much like our housing market reports from 2004-2006. The Market here in the Palm Springs Valley was literally “on fire!” Some areas of La Quinta would increase in value up to 22% in a single year. Where else but houses could you get that kind of return on your money?? La Quinta had the huge majority of New Home Sales. Land was cheap and expansive from La Quinta to the further Eastern areas of the Valley, Coachella and Indio. Thousands of homes were built..most were sold. The irony? Those same homes are still being SOLD..just at 50-60% discounts from the high flying days..and there are still many empty houses.
Statistics Canada says the national average price of NEW houses rose .1% in January from just one month earlier. The main contributors? Why, Calgary and Vancouver of course! The increases in these two fantastic cities offset the decreases in Victoria and St. John’s, N.L.
The NEW HOUSING INDEX saw a year over year price increase of 2.4% with the main contributor to this particular advance being Toronto and Oshawa regions in Southern Ontario.
Victoria posted a monthly price decline of .8% as builders reduced prices to stimulate sales in a slower market.
This sounds so familiar to me..I hope the Canadian market can stabilize and not crash. Banks were and are more conservative than ours so perhaps that will protect them? I know one thing..the Canadian market is encouraging our Canadian snowbirds to pick up a winter retreat at bargain basement prices. Those price/sf homes seem even cheaper to them with their own prices continuing to zoom upwards..Come on down!
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