Great article. Thanks to Katy Folland from LendingMax for passing this on. Enjoy!

Housing Activity to Rebound in Second Half of 2009 and in 2010

OTTAWA, September 3, 2009 - Housing starts are expected to rebound in the second half of 2009 and will reach 141,900 for the year. Starts will increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition* report. The overall forecast totals for housing starts remain unchanged from the second quarter release.

“Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year”, said Bob Dugan, Chief Economist for CMHC. “In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen.”

Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction.

Existing home sales, as measured by the Multiple Listing Service (MLS®)¹, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,400 units in 2010. The average MLS® price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

* The forecasts included in the Housing Market Outlook are based on information available as of July 23, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

¹ The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.

Information on this release:

Charles Sauriol
CMHC Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca

National Housing Outlook

Key Housing Market Indicators

Provincial Housing Outlook

Total Housing Starts

Source: CMHC Housing Market Outlook, Canada Edition, Third Quarter 2009. Totals may not add due to rounding.

This is a great article that came out  September 24, 2009, RE/MAX issued a Market Trends Report featuring 11 markets across Canada reporting the current state of the real estate market in our country entitled “Bricks & Mortar”.   

Canadian housing markets buck recession

and trend upwards, says RE/MAX

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record.  Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway.  Percentage increases in unit sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421).  Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978).  Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again.  In terms of its impact on the resale market, by historical standards, this recession was one of the mildest.  The resilience of bricks and mortar has been demonstrated time and again.  While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home.  The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates — Calgary (74.1), St. John’s (71.5), and Regina (70.1).  Significant gains have also been made over the same period in markets such as Ottawa, where levels rose from 51.4 per cent to 66.7 per cent, and Toronto, where levels rose from 57.3 to 67.6 per cent.

Public sentiment can perhaps best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question “In which do you feel more comfortable investing your money?  The stock market or real estate.”  Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

Markets are heating up across the country as purchasers take advantage of affordable prices and rock bottom interest rates.  Those who missed the boat in years past have found that sitting on the sidelines can be a costly move.  Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.

Over the past thirty years, the Canadian residential real estate market has experienced three major downturns – 1981, 1989, and 2008.  While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

* The Angus Reid Omnibus Survey was conducted on September 15, 2009 and yields a margin of error of +3.1 per cent, 19 times out of 20.

This is the most recent post regarding the Tour de North Ride on the Prince George Free Press website. Please check it out. The little one that I’m holding in the picture is my grandson.

http://www.bclocalnews.com/bc_north/pgfreepress/community/59735182.html

WOW - WE DID IT! - Today we rode from Terrace to Prince Rupert - 147 kms. The scenery was breath-taking inspite of the few rain showers along the way! We arrived in Prince Rupert around 4:00 pm. 

This evening I’m going to have all the riders sign my helmet for 5 year old Jameson Jones (the child that I’m riding on behalf of),  so I can give it to him when I get back to Prince George.

This has been an unforgettable journey and life-changing experience! Thank you for all your prayers and support - I couldn’t have done this event without you all!

Today was our 2nd to last riding day - taking us from Hazelton to Terrace approx. 140 kms.  We started peddling at 8:00 am and arrived in Terrace around 2:30 pm. We had rain for most of the day, and put our rain gear into good use!  I hear that we will probably have some showers tomorrow as we head towards our final destination - Prince Rupert!

I also wanted to mention that often times when we stop for our breaks, we’ve received donations by generous people who have wanted to contribute to the cause. Its been really awesome to see such support!

Tomorrow is our final day - Terrace to Prince Rupert - approx. 147 kms. I can’t believe that its almost over, and to see how far we have come. What a privilege its been to be riding with such a great team - its been a life changing experience!

Today we rode from Smithers to Hazelton which was approx. 70 kms.  Again we were blessed with good riding weather, and no flat tires!

It was a great day filled with lots of events. We just finished dinner, so its time to call it a day.  Tomorrow we are on the road at 8:00 a.m. leaving Hazelton and riding on to Terrace which is approx. 140 kms.  These last two remaining days of the Tour de North are long days of riding. 

Thanks again for your continued prayers and support - I’m feeling great and feel your all your prayers each day.  It’s greatly appreciated!

Here is another Blog that is also being written regarding the Tour de North Ride. It just gives a different perspective on what is happening. Enjoy!

http://www.tourdenorth.blogspot.com/

Today we rode 145 kms. We left Burns Lake, rode to Houston and then on to Smithers. Again, we were blessed with decent weather - sunshine,  some cloud coverage and a few showers, which were actually refreshing!

I am feeling really good. Believe it or not, I actually feel like I have more energy now than when I began the ride! I’m enjoying getting to know all the team members and we are having alot of fun together too! The scenery is spectacular and I feel proud to be living in our wonderful country of Canada.

It’s touching to see the generous support from all the different communities we have visited. The further that I ride, the more I realize the importance of what the Cops for Cancer Tour de North is all about. The physical exertion that I experience in riding,  is nothing in comparison to what these children experience and face in their battle of cancer. The highlight of my day is seeing people give of themselves to such a worthy cause. 

Tomorrow we ride to Hazelton which is approx. 75 kms. Thanks again for all your prayers and support. 

Today’s ride took us from Fraser Lake to Burns Lake - 71 Kms. This was our shortest ride of the trip. After yesterday’s gruelling day, today’s ride felt like a warm-up! The weather was perfect, having some cloud coverage, and so it wasn’t brutelly hot. We left around 9:00 am and arrived in Burns Lake around 1:45 pm.

I feel stronger and more energized today. I must be getting in the groove!  We have the rest of the day off, so we can relax and get rejuvenated for tomorrow’s ride - another 145 kms!

Thank you all for your continued support. I feel so honoured to be on the  Tour de North. When the peddling gets tough at times, I am reminded of the purpose and goal we are riding for - riding for the little warriors and their families.

Wow - what a day! Today we rode from Vanderhoof to Fort St. James to Fraser Lake - total of 160 kms.  This was our hardest day of riding as we had the most kms to cover.  It was a very long day, and although we had gorgeous weather, it was extremely hot peddling in the heat!  I sure looked forward to the scheduled breaks along the way, and drank lots and lots of water!

We started at 8:00 am and arrived at Fraser Lake around 6:45 pm.  Over all I’m feeling good and had no problem keeping up with everyone. It’s now time to soak these weary bones and get a good night’s sleep. Tomorrow we have a much shorter day - riding only 71 kms to Burns Lake.