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Canadians Need Not Fear!

The melt - down of the U.S. real estate market has left many homebuyers wondering if and how it may affect the housing market in Canada. Market analysts say the problems in the U.S. will have little impact on Canadian real estate.
The Fundamental Differences:

The Emerging Trends in Real Estate Report 2008, released by the U.S.based Urban Land Institute and PricewaterhouseCoopers, suggests the real estate market will remain upbeat in Canada over the coming year.

Canada benefits from a simpler economy and a more conservative investment environment than the U.S.

Canadian federal surpluses have given consumers more confidence which has led to increased spending on homes, retail goods, and business expansion.

Canada is naturally rich in areas such as energy and resources and benefits from huge global demand, which fuels both the economy and demand for all forms of real estate.

Housing prices continue to skyrocket toward new highs without overdoing mortgage financing.

Canadian metropolitan areas boast below 5% vacancies, and rents have room to push higher. Rental apartments are doing well in major cities with high immigration flows.

Canada's economy continues to be healthy and the soaring dollar brings benefits to importers and any company looking to make capital purchases, which are almost always priced in U.S. dollars.

The Biggest Difference:
No SUB-PRIME Lending Market:The Canadian housing market has not been artificially driven by bad lending practices. The U.S housing market began to slide and interest rates began to rise, many borrowers ended up in trouble and defaulted which in turn, initiated the credit crunch. In June 2007, only 5% of mortgages in Canada were subprime and more than 21% of U.S. mortgages.
Source from Realtor Edge OREA