Canada property market enjoys welcome lift

An unprecedented recovery in the real estate market in Canada has shown a positive shift in the attitude of those in the industry hoping for economic recovery sooner rather than later.

As a result the Canadian Real Estate Association has adusted its forecast for property prices and sales leading into 2010.

Data shows that on the whole August sales activity saw typical property prices across Canada are up more than 11% from this time last year.

The news that interest rates are to be left unchanged until June 2010 has no doubt strengthened the confidence of would be consumers and with more reasonable property prices at the top of the wish list homebuyers seem ready to start trading in the real etate market.

An economist with the Bank of Montreal expressed surprise at the apparent speed of the market recovery when looking back to the May forecast when it supposed sales could drop in 2009 by nearly 25%.

Although many in the property industry are now optimistic others fear the current increase may not be so assured.