Housing performance expected to accelerate in 2010,

as economic stability returns to Canadian markets, says RE/MAX

Fifteen markets to set new records for average price in 2009

Mississauga, ON (December 3, 2009) -- In the midst of one of the most tumultuous economic

periods in recent history, residential real estate has proven to be a safe harbour, with sales and

average price expected to post gains in most major Canadian cities in 2009, according to a

report released today by RE/MAX.

The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23

markets. The report found that sales are forecast to recover in almost all major centres by yearend

2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets --

Ottawa and Quebec City -- are expected to hit historic highs in the number of homes sold.

Average price should post new records in 65 per cent of markets surveyed this year. As

economic performance ramps up across the country, so too will residential real estate. Eightythree

per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing

values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The

remaining markets will match 2009 levels.

Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per

cent increase over one year ago. Canadian housing values are forecast to close the year at

$318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold

is predicted to climb another two per cent to 475,000 units. The average price of a home is also

expected to experience an uptick, rising two per cent to $325,000 – the highest level in

Canadian history.

“2009 was without question the year of the house,” says Michael Polzler, Executive Vice

President, RE/MAX Ontario-Atlantic Canada. “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.”