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Decade in review - 1995-2005

(NC)-While residential housing values across the country have posted impressive increases over the past decade, unit sales have absolutely soared, according to a comprehensive report recently released by RE/MAX.
 
Canadians believe in homeownership. As such, homeownership levels in Canada rank among the highest in the world. Statistics Canada pinpointed homeownership levels at just over 65 per cent from coast to coast in 2002. That figure continues to climb as favourable interest rates, strong consumer confidence, and solid economic fundamentals propel an increasing number of buyers into the housing market.

"More Canadians bought into homeownership during the last 10 years than in any previous decade," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Canadians continue to share the dream of homeownership. That appeal has yet to be duplicated by any other investment vehicle".

Home sales across the country rose to approximately 3.6 million units between 1995 to 2004, up 25 per cent over the 2.9 million sales reported from 1985 to 1994.

Homeowners have benefited from strong upward momentum in real estate prices during the past several years, and they've been cashing in on gains realized to achieve the goals to which they've always aspired. Homeownership is not simply an investment. It is a lifestyle.

"Despite a year-to-date increase in the number of homes listed for sale, housing values are positioned to climb even further," says Elton Ash, Regional Vice President, RE/MAX of Western Canada. "Demand simply continues to outpace supply in hot pocket areas of major Canadian centres."

And for most Canadians, a home is the largest financial investment they will make in their lifetime. Historically low interest rates have made the appeal of homeownership even greater in recent years, particularly given that one can currently own a home or condo for virtually the same money it costs to rent, all while building valuable equity.

The report, "Decade in Review" has been compiled from a variety of market sources over an extended period of time allowing for trends to be witnessed. Detailed regional information is provided by market. The report is available online in its entirety at www.remax.ca

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