Residential values expected to climb further in 2011 as housing sales stabilize in most major centres, says RE/MAX. Although improved economic fundamentals will have a positive impact on Canadian housing markets moving forward, the forecast for residential real estate sales remains static in most major centres in 2011, according to the RE/MAX Housing Market Outlook Report released today by RE/MAX.
"In terms of resale housing activity, what many are talking about as the new normal is actually a return to the traditional real estate cycle ," says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada. "The past decade was truly unprecedented-never before have we experienced a run up that was as strong or lasted as long. As we have digressed from the typical pattern, people have forgotten what the usual healthy cycle looks like, but all the hallmarks are there. Ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices, will characterize the market in 2011. While the pace may appear lackluster in comparison to what we've grown accustomed to, it underscores the principles of real estate 101: The market is cyclical. All boats rise and fall with the tide."