Home Prices in Atlantic Canada Expected to Rise, Report Shows

(CEP News) - Atlantic Canada seems to be a good place to buy a home as prices in the region are expected to increase in the next two years.

According to a report released by the Canada Mortgage and Housing Corporation (CMHC), average existing home prices in Nova Scotia, PEI, New Brunswick and Newfoundland are all expected to rise, although at a much slower pace than in previous years.

Finding a region where home prices are rising seems to be a luxury during troubling economic times, especially as the average nationwide price for an existing home in Canada is expected to drop 5.2% in 2009.

In Nova Scotia, the average price for an existing home is expected to increase 0.6% in 2009 and 1.83% in 2010.

Prices of existing homes are also expected to rise in Prince Edward Island, even after the province has experienced an average growth of 7% per year over the past eight years.

“Despite the slowing pace it is still expected that the province as a whole will post positive average growth over the next two years,” the report said.

The average home price in PEI is expected to rise 0.2% in 2009 and 0.9% in 2010.

In Newfoundland and Labrador, existing home prices are expected to rise 0.6% in 2009 and 1.7% in 2010, while prices of New Brunswick homes are expected to rise 0.5% and 1.7% for the same period.

By CEP News Staff, news@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News.

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Posted in Categories: Canada, Economy, Housing, Releases, USA.

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