The recovery of the Canadian housing market, which started in 2009, is expected to continue and would strengthen further in 2010, according to major Canadian real estate company RE/MAX.

The realty firm's optimistic outlook is based on residential real estate trends in 23 Canadian markets. All major markets are expected to recover by the end of 2009, to be led by Greater Vancouver which expects a 45 percent increase.

RE/MAX estimates 465,000 houses would change owners in 2009, which is a seven percent improvement from 2008 levels. The average cost of a Canadian home is expected to settle at $318,000 as the year closes. It is up by five percent from 2008's closing average of $303,594.

For 2010, the company forecasts homes sold to go up by 2 percent to 475,000 units, while another 2 percent rise will be registered in average home price. By then the average would hit $325,000, which is a record high in Canadian history.

RE/MAX Executive Vice President for Ontario-Atlantic Canada Michael Polzler said in a statement, "2009 was without question the year of the house. Real estate not only defied industry and analysts' predictions in 2009 - it's performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home."

St. John's in Newfoundland and Labrador expects to lead the hike in average home prices this year with a 15 percent value increase, followed by Quebec City 8 percent, Regina in Saskatchewan 7 percent, Saint John in New Brunswick 6 percent and Winnipeg in Manitoba, and Ottawa and Greater Toronto in Ontario 5 percent.

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Source:  www.allheadlinenews.com/