Hartlepool, United Kingdom (PressExposure) March 30, 2009 -- Few would argue that Canada property has seen among the most severe price corrections in the world. But some people believe that this will lead to quicker recovery in the Canada property market, and others believe that price drops will only be moderate.
Jane Renwick, a property expert from an analysis firm specialising in Canada property, said in an interview by Globe And Mail personal finance correspondent Rob Carrick: "I don't think [the downturn] is going to be as aggressive as what the general public would like to see, I think we will see prices come down but I think it will be moderate, relative to, certainly relative to what we're seeing in the US."
Renwick also said that now is the time for first time buyers to buy, because properties staying on the market for longer means vendors will be more pliable.
Les Calvert of overseas property portal Property Abroad said:
"Because of its close proximity to the US and the surprising fact that it was not among the first to be affected by the US crash, realism has been quicker to hit sellers of Canadian property, which led to a rapid decline in prices".
"Because the economy has not been as badly affected as the US and UK the Canadian housing market has continued moving albeit at a slower pace and there is a higher level of supply of realistically priced properties, and more buyers in the market also. Because of all these things it is likely that the Canada property market will recover quite quickly from this correction."
Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net.
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