Friday, November 28, 2008

CMHC Housing Market Outlook Fall 2008

CMHC posted their Housing Market Outlook for Fall 2008 earlier this month. Although media and many pundits cry bust it looks like a healthy market adjustment. Next year we can look forward to healthy sales and therefore rising resale home prices.

"Existing home sales across Greater Edmonton will fall by 12.4 per cent this year but should post a moderate rebound in 2009. A relatively strong economy, lower mortgage rates, solid wage gains and the absence of further price declines will underpin a modest recovery next year. Residential sales reported on the MLS® by the Realtors Association of Edmonton (RAE) will reach 18,000 units in 2008, improving by almost three per cent to 18,500 sales in 2009. Next year will represent the fourth best year on record with sales approaching the levels reported in 2005 but remaining well below the 21,200+ units sold annually on average during the peak years of 2006 and 2007."

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