REAL ESTATE  IN CANADA

Real estate business  in Canada proves to be not  immune to the  financial woes afflicting the real estate sector in the US and Europe. Property prices in Canada is falling fast. This is the findings based upon the studies conducted  by the Canadian Real Estate Association. From the median value of    $ 326,000 recorded in March of 2008, it  dropped to $ 317,500 in March 2009. Although the property sector in Canada has been, for some time,  shielded by the robust economy of the country coupled with the sound economic policy of the government,  the real estate sector is still  impacted by the financial crisis hitting the US and Europe. Just like in  the US and Europe, real estate is one industry that  does not attract costumers.

The financial flu has already crossed the border. Given the fact that Canada is  dependent on US for export ( 80% of Canada’s export  goes to the US) , the austerity  in  US households  has forced Canada to slow down its manufacturing activities. This  translates to decreased income  in Canadian households. Even the  likes of mining industry, which helps propel the economy of Canada, is hard hit by the  economic slowdown. Natural commodities like oil , gas and minerals  have fallen their values due to weak demand. The turn around of this activities  greatly reduces the revenues of the government as well as the income of   the country’s  workforce.

The gloom in the economy makes property buyers reluctant to buy . Nobody seems excited to part with their money to invest in  real estate.  Property owners, on the other hand, are very willing to  drop their properties which  are fast  losing values.   The steady decline in property prices worries homeowners who are now in a hurry to part with them.

But there is still a silver lining behind all of this woes. Real  estate  sector in Canada, unlike that of the US and Europe,  can  tap  the  buyers  from  the other side of the fence. There are expatriates  and   emigrants  who can be potential buyers. Many Britons for example are  leaving UK to  live in Canada  and are ready to purchase a home.  This is the best opportunity for the newcomers to settle in the country.  Real estate  is cheaper  but still have pockets of potential. Canada has a well- regulated property market and  is named as  the most transparent real estate market in the world.

There are many attractions in Canada for  new settlers.  People coming from Europe and Asia are  choosing Canada for its   conservative but  robust  economy . Such a boom , like in natural gas sector , opens up doors for   new employment and   increased  movement of people.   The country’s laidback lifestyle  also draws  attention , not to mention the physical appeal of   each province  in Canada.  As a hotspot in  winter sport, Canada’s tourism sector is  booming.  A quicker  financial recovery  that will propel  the property sector again is  not  a far fetched idea. After all, Canada  is   well taken care  of and  there  will always be an  ongoing demand  for   properties in this nation