Housing Prices Moving North in Canada

February 9, 2010 /EIN PRESSWIRE/ While its neighbor to the south is suffering a major housing crisis, Canada is seeing a housing boom, with home prices expected to hit all-time highs in 2010.

The Globe and Mail reports that low interest rates and the upcoming implementation of a harmonized sales tax in B.C. and Ontario are fueling the hot housing market in Canada. New home construction is up and prices for existing homes are swelling to historical highs, especially in Vancouver where detached homes are already out of the price range of most home buyers.

The Canadian Real Estate Association predicts that the average price for a home will rise to $337,550 CAN this year, a 5% increase from 2009.

Is this a good run for Canada or simply the next housing bubble waiting to burst?

Read more about this story at Residential Real Estate Today:

Latest Home Prices news – http://realestate.einnews.com/news/real-estate-home-prices
Latest Canada Real Estate news – http://realestate.einnews.com/canada/

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