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Buyers will be the winners in Economic turmoil

General Angela Calla 17 Aug

Canada’s real estate market is now expected to grow this year rather than decline, as buyers take advantage of continued low interest rates that are intended to offset recent economic turmoil, economists said Tuesday.

 The comments came after the Canadian Real Estate Association revised its 2011 national forecast for home resales, citing stronger than expected sales and higher prices in the second quarter.

 An earlier CREA forecast called for a 1% dip in sales this year from 2010. But the association said Tuesday sales should grow this year – albeit less than 1% above 2010.

 CIBC Deputy Chief Economist Benjamin Tal said recent stock market uncertainty due to the European debt crisis and the US credit downgrade is actually helping boost sales in Canada’s real estate market.

 Click here for the full article from The Canadian Press.