The National Post had a brilliant illustration on the front page of the finance section. I really think it tells us: the more we know, the less we know.
Everyone is throwing their hat into the ring regarding the housing sector and everyone has a different answer. The National Post article quotes:
The price of a Canadian home was down 6.7% in April from a year earlier, the relatively new Teranet–National Bank House Price Index showed Wednesday. It was the fifth consecutive month of yearly decrease and caused the index to be down 8.9% from its peak in August. Home prices in Vancouver were down 10.9% from April last year, while prices dropped 9.8% in Calgary and 7.6% in Toronto. On a positive note, prices were up 2.4% in Montreal, 0.6% in Ottawa and 0.2% in Halifax.
But the data are in strong contrast to Multiple Listing Service figures released by the Canadian Real Estate Association on Monday last week.
The MLS figures showed the average national home price for May was up a robust 16.4% from January, setting a record high of $319,757.
Other indicators have thrown a few spanners in the works. The Organization for Economic Cooperation and Development said Wednesday Canadian house prices fell 11% in the first quarter, while Statistics Canada’s index on new home prices, released at the beginning of the month, showed prices in April had fallen 3.2% since hitting a record high in September 2008.
The only way to know if you are ahead or behind is to look at your home in relation to when you bought it.
Go to www.durhamhousevalue.com to find out about your real estate nest egg.