Thursday, July 13, 2006

Canadian Housing Market Continued to Boom

The Canadian housing market continued to boom, although demand is expected to slacken somewhat in the next two years.

The bank said the Canadian economy is expected to grow by 3.2 % this year, but its growth will slow to 2.9 % next year and 2.8 % in 2008. The global economy will grow by nearly 5 % this year, but will slow to 4.4 % by 2008.

In the first half of the year, Canadians continued to spend more because of rising wages and the increased worth of their homes. A hot home market meant many Canadians realized the worth of their houses and sold them for a high premium.

The booming Alberta oilpatch is also driving the national economy since the province is creating jobs and generating strong construction and housing activity.


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