Canadian city to bounce back in 2010

Analysts have forecast a surge in property for sale in Canada during the next year.

At the Housing Outlook conference held this week, the city under the spotlight was Hamilton, widely known as the steel capital of Canada. Economists with the Canada Mortgage and Housing Corporation (CMHC) believe next year will see an increase in property prices, moe new home construction and further activity in the resale market.

In 2008 the average Hamilton house price was just above $280,000, this is expected to settle at $290,000 by he end of this year and 2010 estimations are the figures will reach $300,000

Canada mortgages are still available at a low rate of interest which along with greater faith in job security more of the populace are expected to take the first step on the housing ladder.

A spokesman for CMCH felt that everything was in place for economic recovery to increase but that it must be led by consumer spending - signs of which are very encouraging.