Bullish outlook for real estate

Residential real estate sales should recover in almost all major Canadian cities by the end of 2009, while average prices should post new records in an improved economic climate, according to a new housing report.

The Re/Max Housing Market Outlook survey for 2010 predicts the uptick in sales will be lead by an anticipated 45 per cent increase in Greater Vancouver, while Ottawa and Quebec City are expected to hit historic highs in the number of homes sold.

The report also says average prices are expected to improve in 65 per cent of markets as economic performance picks up.

Eighty-three per cent of markets are expecting sales to increase over 2009 levels while housing values are predicted to rise in 91 per cent of Canadian centres in 2010. The remaining markets are predicted to match 2009 levels.

The average price of a home is also expected to go up in the future, rising two per cent to $325,000.

The Re/Max report examined residential real estate trends in 23 markets.

Mississauga — The Canadian PressPublished on Thursday, Dec. 03, 2009 9:07AM ESTLast updated on Thursday, Dec. 03, 2009 10:42AM EST

This article was originally published in the Globe and Mail online December 04, 2009