Canadian Housing sector is in Recovery Mode
Overseas Property News - Canada
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Canadian housing starts jumped 12.1 percent in August, the fastest pace this year, a clear sign that construction of new homes was gaining momentum. Analysts had expected starts to rise by 139,000; however they were surprised to see 150,400 new starts.
Figures by RBC Economics showed that home ownership in Canada became more affordable for a fifth straight month, this is not thought likely to continue. Robert Hogue, senior economist at RBC said “Supply of properties for sale is dropping as demand bounces back, which is working to heat prices up again in many parts of the country”
Research by DSR Asset Management indicates that this rebound in residential construction activity is further evidence that the Canadian housing sector is in recovery mode. The seasonally adjusted annual rate of urban starts increased by 14 percent to 131,800 in August. Starts for single family homes rose 2.5 percent to 54,200 units, while construction of multiple dwellings such as condos and apartment buildings rose by 23.8 percent to 77,600 units.
Martin Foster of DSR Asset Management said that “DSR are experiencing an increase in enquiries that mirrors these construction figures, we are approximately 25-30 percent busier this year with enquiries for our Canadian investments. We attribute this to the fact that the Canadian housing market was never exposed to the worst of the sub-prime problems seen elsewhere. Our investors see this and it gives them the confidence they need to invest”.
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DSR Asset Management Ltd is an overseas property investment specialist, working directly with developers in more than forty countries. All properties are exclusive to DSR, giving an unparalleled selection of resale and new builds.
David Redfern is the director of DSR Asset Management Ltd an overseas property investment specialist. David works closely with developers in more than forty countries and oversees the DSR. education programme which lectures individuals and organisations on property investment.
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