People with money invested in the real estate market can smile -- it seems there is hope on the horizon.
According to a report released yesterday by Canada Mortgage and Housing Corporation, the real estate market will rebound in 2010 after declines this year.
“New home construction in Halifax will rebound by 16 per cent in 2010,” Matthew Gilmore, senior market analyst with CMHC’s Atlantic Business Center, said in a release. “Employment and wage levels have hit new record highs in 2009 while interest rates have been historically low. These factors will be supportive of growth in the industry.”
Things appear especially bright in regards to apartment living. Eight hundred apartment-style units are expected to begin construction in 2010—an increase of more than 30 per cent over 2009.
Things also look good for homeowners. The average price of an existing home is expected to climb by 2.5 per cent to reach an average price of $243,500 next year.