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Recently theres been alot of news about the US realestate bubble. I'm curious how things are to the North?
Over the last ten years have housing prices doubled or trippled?
If they did are they comming down now?
Do you call your loans Mortgages? whats the standard interest rate?
Any info would be appreciated.
The wife and I are looking, just looking right now at places here:
http://www.grandmananislandrealestate.com
Our market is still pretty hot but it is starting to slow down. If you're thinking investment you kinda missed it. I bought my house 4 years ago and it has doubled. Over ten years I would say places have definitely tripled.
We call them mortgages as well. My interest rate is 4.34%. I don't think the standard has changed too much, it might be as high as 5% now but I'm not sure.
Places probably won't come down because in Canada mortgages aren't being handed out like flyers on the street as they were in the States for a while. Although people were allowed to buy with no money down they still had to have good credit and dependable/good income. Usually the market will slow but not decline while everything else (wages etc) catches up.
At this point it's very hard to buy the old house and yard and most people can only afford to buy townhouses and condos. And that's quite apparent as that's all they seem to be building these days.
This is all regarding British Columbia by the way. I have no clue what's happening on the east coast. Alberta is having a good market because their economy is ridiculously good due to the oil sands and Saskatchewan had a good boom recently and their's isn't likely to drop because their boom was due to their market being very underpriced until recently.
^^^^ Canada hasn't really experienced a bubble for the reasons mentioned above (no sub-prime mortgages). Our economy is booming and while it will slow down a bit when the US slows down, the best time to buy is still always last year.
I'm not very knowledgable in the new brunswick market, all i can do is recommend MLS.ca