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Genworth Regional Risk Report

Some great stats just came out in Genworth’s regional risk reports. Here are a few of the highlights.

As expected, Ontario’s housing market has been very healthy and active and has been picking up steam over the last 2 years.

Alberta’s economy has been hit hard over the past 3 years due to the inability to bring its biggest resource, oil and gas, to the market. We’ve all read and heard about the pipeline debacle. However, the housing market is rebounding as is shown in the stats. Let’s hope action is taken to get our western Canadians some positive changes.  

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Record number of listings in March

New listings in Canada reached 97,663 in March 2010… the highest number ever according to a report on CBC.ca. Inventory sits at 4.4 months….or in other words, it will take you an average of 4.4 months to sell your home….

That might be correct for some parts of Canada but it’s certainly not the case in major centres as multiple offers and above asking sale prices are still common place in Toronto…  The last 5 months has seen a very healthy real estate market… The new Mortgage Rules will take some homebuyers out of the market.

We couldn’t keep going at this pace.. No one wants to see a runaway market… that’s always a recipe for a hard landing… To me, this report is good news….a healthy real estate market means the government’s stimulus package and incentives had the desired effect… Good news is good news….

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