Canadas housing boom continues to outpace recovery in developed countries

The Canadian Press ~ The News
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Canada's housing boom continues to outpace developed countries around the world with housing prices in the fourth quarter up 19 per cent year over year.
A new Scotiabank global real estate trends report says year-ago comparisons are amplified by the sharp drop in sales and prices at the end of 2008, but still represent a remarkable turnaround in a short time.
The strong performance has carried through into 2010, with sales in the first two months just slightly behind the near-record levels seen in late 2009.
The report says exceptionally low mortgage rates - and the expectation that borrowing costs will soon be headed higher - are adding a sense of urgency to buying.
While most Canadian regions will remain sellers' markets this spring, a steady increase in the number of listings and a rise in construction are helping to restore a more balanced market.
Meanwhile, housing prices in countries including the U.K., Japan, and the U.S. were still below year-earlier levels in the final quarter of 2009.

Organizations: Scotiabank

Geographic location: Japan, U.S.

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