Edmonton Housing Market Looking Good
You read it right, everything is looking good for the housing market in the city of Edmonton. Just last October 30, The Wallstreet Journal Canada released an article entitled “Canada’s Housing Market Defies Doomsayers” written by Nirmal Menon, emphasizing that “Canada’s housing market keeps on going, defying long-standing predictions of a slowdown.”
Like what we have written on our Halloween article “Edmonton Housing Market, Surviving Zombiepocalypse”, The Wallstreet Journal Canada reports that forecasts for starts and prices have been raised again by the Canada Mortgage and Housing Corp.
A point to ponder in the report is the reason why Canada’s housing marketing did not experience a bust similar to its southern neighbor, the U.S. Unlike its neighbor, Canada put in place practices that are more conservative.
“The government has tightened mortgage insurance rules four times between 2008 and 2012 to cool the market and rein in household debt that Canadians have built up by using cheap borrowing costs to buy homes.” the report said.
BMO Capital Markets chief economist Douglas Porter have played down the gloom and doom scenarios as some observers have been worried that a housing bubble might burst, this is on the back of the International Monetary Fund’s recent inclusion of Canada as one of the countries with over-valued home prices.
Mr. Porter is positive that under most scenarios, like if the global economy stumbles or Bank of Canada makes big rate hikes, the Canadian housing market would keep plowing ahead.
This solidifies our earlier announcements at Team Leading Edge that it is the right time to buy a real estate property in Edmonton. Check all the latest homes for sale in our Edmonton MLS.
Read complete report here.
Tags: edmonton houses, edmonton housing news, edmonton mls, edmonton news, edmonton real estate bubble, edmonton real estate news, the wallstreet journal canada
