Outlook for Canadian housing market vastly improved: Remax

I had hoped to post on this "report" earlier but some technical gremlins got in the way. For some reason, when I added Mike to our contributors list, Wordpress took the position that I should no longer write here and would only allow my posts to go up with either Riel's or Mike's name and image. In any case, for the benefit of the archives, I put forward the Remax Market Trends Report for Fall of 2010 that was released Tuesday with this media release, an excerpt of which follows.

“If anything demonstrates the underlying health of the national housing picture, it’s the surge in sales of luxury properties this year,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We know from experience that this segment of the market is usually the first to show pressure cracks when a market is softening- that has certainly not been the case this year, even during the summer slowdown.”

With the diminished risk of a W recession occurring, rebounding commodity and equity markets, and more positive economic data emerging daily, the outlook for the residential housing market has vastly improved over the past three months. Yet, markets are expected to record softer sales activity in the final quarter of the year, in comparison to the same period in 2009.

The media release is here.

The full report is here.

Coverage from the Globe and Mail is here.

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