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As the housing and credit markets in the US are reeling from a tight crunch, the mortgage markets north of the border have also felt some of the downswing in the US sector.

However, as most observers are keen to note, the overall property sector in the Canadian front remains buoyant, and with recent data from the Canadian Mortgage and Housing Corporation, the property markets here are still vibrant, as housing prices for all provinces continue to rise and remain fairly comp0etitive.

Despite High Prices, This Year Will Be Good For Montreal Homebuyers

In a recent study by The Canadian Real Estate Association and the Canada Mortgage and Housing Corporation, the two have noted that property rates in the major cities, specifically Montreal, have reached its peak. Most analysts are forecasting a slowdown for this year, and cite as the following reasons the moderate employment growth from 2003 to 2005, anticipated marginal rises in mortgage rates, and increases in real estate for the past three years.

The CMHC however notes that this will mean a better year for home buyers, as home choices and prices have stabilized. Starting prices for most homes were at their highest level since the 1980s, and prices for single family homes have gone up by an average of 14 percent. Observers forecast that the market can't get any hotter, and it will continue to be robust despite the slowdown.

The CMHC notes that the market should see increases in supply and afford more choices. Home sale prices however are expected to increase, however the Canadian Realtor Board does not expect it to rise that drastically. One positive aspect is that there is currently an increase in immigration to Quebec, and with the continuing demand for condominiums, this will keep the Montreal property markets viable and strong.

The Strengthening Canadian Dollar Helps Prop Up The Property Markets

With the rise in the value of the Canadian dollar as compared to the US Greenback, many forecasters see this as a positive aspect for the buoyancy of the Canadian property sector. According to them, the higher the dollar rises, the more attractive would it be for investors to dip their money into the Canadian property market.

Analysts also note that new home listings are up 11%, and active home Listings are also rising by 13%. The number of units sold in the Montreal area is up 5%, sales volume is up by 12%, and the average prices for single-family homes are also up 7%, as they range from $197,000 to $211,000.

Based on recent statistics compiled by the by The Canadian RealEstate Association (CREA), national home sales activity in the first half of 2007 rose by 8.2 per cent year-over-year to 287,862 units.

Home sales in the first half of this year have risen significantly as compared to levels for the same period last year in basically very Canadian province, including Quebec. New quarterly records for home sales were also seen in the provinces Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick and Nova Scotia.

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