SOURCE: Bennett Property Shop Realty
OTTAWA--(Marketwire - Aug 20, 2012) - Financial Post reports that the sustainability of Canada's "housing boom" is, as of yet, up for debate. The article questions whether or not the markets in Toronto and Vancouver, which have experienced a surge in real estate activity, will be able to hold on. Marnie Bennett, broker and Founder of Bennett Property Shop Realty, believes that the sustainability of the Canadian market is intact. She asserts that this is a case in which regional, rather than national, numbers should be examined.
David Rosenberg, an economist with Gluskin-Sheff, believes that the housing bubble will slowly collapse, rather than pop: "Prices are starting to deflate by 0.8 percent YoY, though more like air coming out [of] a balloon slowly than a giant pop [...] It is gradually becoming a buyer's market with the inventory of unsold homes rising to six month's supply, which is at the edge of a balanced market."
Marnie Bennett disagrees, citing regional market averages as proof that today's real estate industry is sustainable and, ultimately, healthy.
"Across Canada, 257,193 homeowners traded homes in the first half of 2012, up 4.7 percent over last year," asserts Marnie Bennett. "Conversely, listings are up by 1.4 percent. These statistics indicate that more sales are happening, but that there are also more listings. These offset one another and continue to support a balanced Canadian real estate marketplace. It is important to remember that real estate is a regional commodity, not a national one, so it is necessary to look at the individual marketplaces instead of the country as a whole. For instance, prices in Toronto are up 6.8 percent, Calgary is up 16.7 percent, and Vancouver is down 13.3 percent compared to last year. In Ottawa, over the past 50 years, houses have increased in value by 6.3 percent annually.
"In 2011, the increase was 5.2 percent, a modest drop from the historical average. A key statistic to remember, in Ottawa, is that there have been only five years of negative growth over the past 50 years, making Ottawa a very strong market -- even through uncertain times."
Marnie Bennett looks forward to continuing to assist her clients in finding their new properties within such a promising real estate environment.
Marnie Bennett, a leader in the estate brokerage field in Ottawa, Canada, is a broker and the Founder of Bennett Property Shop Realty. Marnie Bennett provides services regarding condo and home development marketing tactics, in addition to the design of innovative sales strategies for resale homes ranging from starter properties to multimillion dollar estates. Marnie Bennett leads her clients through the real estate market with a high degree of professionalism, industry insight, and a dedication to providing the highest degree of customer service. Additionally, Marnie Bennett is devoted to constantly improving her professional capabilities in order to offer premier services to her clients.