The National Post recently reported that Canadian “Housing starts rose more than expected May, with increased construction in both single and multiple dwelling sectors.” And even more encouraging, the number of housing starts is anticipated to keep improving throughout 2009 and in the next several years!
Not only is the sun beginning to shine on the housing market in Canada, but the sun is “sneaking through the clouds” in the US housing market too! According to ATB Financial Economist, Dan Sumner, “US housing starts jumped by 17.2% in May 2009″. This puts home starts well above the number anticipated. The ATB FINANCIAL Daily Economic Comment further states that “US home prices have stopped falling… As new residential construction begins to come alive it may be an indication the overall US economy is starting to grow again.”
The dramatic downturn in the US housing market was a key factor that precipitated the recession, and it appears it is slowly starting to come back to normal levels. This is good news for American homeowners and the rest of the world as we are all intimately connected economically. Hallelujah!
Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc.
