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Over a five year period between 2001 and 2006, house prices in the United States rose at an unprecedented pace, as Americans bought homes on cheap credit faster than ever before. The property boom led many economists to fear that a property bubble was emerging and, by summer 2007, many were claiming to have been proven right when loan defaults rocketed in the subprime mortgage sector, sparking fears of a housing market crash. The collapswe was confirmed in 2008. But while the outlook for the US market may be bleak, to the north and to the south of the Americas' largest economy, the property sector appears surpringly resilient. House prices in Canada have been less affected by the downturn
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Higher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in their quest to realize homeownership in major Canadian centres this year, according to a report by RE/MAX. |
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Canadian house prices have continued to soar in recent months, escaping the downturn in the U.S. real estate sector as low interest rates and historically low unemployment fuel demand for property. |
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For any of the hundreds of thousands of Americans facing foreclosure, the promise of help to prevent losing their home sounds too good to be true. But such offers, usually in e-mails, letters under the door or unsolicited phone calls, are often just that. |
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Real estate prices may be going into freefall in some areas of the United States, but so far Manhattan has managed to buck the national trend, with year-on-year price growth close to double digits, according to new market reports. |
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Mexico's demographic make up, with a large number of young people entering the job market for the first time, combined with growing interest in second and first homes and investment properties from US citizens is driving demand in Central America's largest state. |
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