A recent poll commissioned by Royal LePage found that almost half (49%) of Canadians surveyed agree that the economic stimulus measures anticipated as part of tomorrow's Canadian federal budget announcement will have a positive impact on Canada's real estate market.
Based on the comments on this blog, I'm not sure if they included any Albertans in their poll… just kidding…
82% of Canadians agree that the inauguration of Barack Obama will have a positive impact on
consumer confidence in Canada.
According to Royal LePage's "Home Price Survey ," in late 2008, the combination of a global economy in recession and shrinking employment figures did much to dampen consumer confidence, diminish home sales and cause house prices to drop.
Of the housing types surveyed, the average price of detached bungalows dipped by 4.8 per cent to $319,640, followed by standard condominiums, which decreased by 5.2 per cent to $233,230, year-over-year. The average price of standard two-storey properties fell by 6.3 per cent to $376,140, year-over-year.
The larger cities that have seen the greatest increase in prices this decade, including Toronto, Edmonton, Calgary and Vancouver, recorded declining house prices.
Accoring to Phil Soper, president and chief executive, Royal LePage Real Estate Services: "The balance of 2009 should see gradual and continuous improvements as the effects of low mortgage rates along with efforts by governments and central banks to get the economy back on its feet again begin to take hold."
*Photo Credit, Canadian Press.
