Here’s an article from earlier this month about Canada’s real estate market. The building permits dropped 5.1% at the beginning of 2011. Real estate analysts was expecting an increase of 0.7 per cent in the seasonally adjusted figure, but the permits dropped instead.
The value of nonresidential permits fell by 13.3 per cent for 3 months straight to the lowest level since February 2009. Residential permits was down by 0.9 per cent from December on a 17.5 per cent fall in multifamily homes and the value of permits for single-family dwellings rose by 12.2 per cent to their highest level since April 2010.
Canadian real estate market has been on a tear in the last 5 years, however statistics show that the housing market is flattening out in some areas and some experts think that in the next 5 years values will begin to drop. In certain areas of Toronto for example houses have stayed on the market for over a year and sold for less because sellers were forced to lower home prices.
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