Got this off of www.economicnews.ca. Nice to see we are better than the rest of the country.
Home Prices in Atlantic Canada Expected to Rise, Report Shows
Thu Feb 19, 2009 12:51pm
(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
