| Historically, a meltdown in the U.S. | | | | 1. Sooke, British Columbia - A part of |
| economy such as the one we're | | | | the Greater Victoria Real Estate market, |
| experiencing would ripple a wake of | | | | Sooke is a suburb of Victoria, the |
| negative growth through Canada. So far, | | | | capital of Canada's westernmost |
| that's not happened and some optimists | | | | province. Located to the west of |
| wonder if Canada is flexing its economic | | | | Victoria on Vancouver Island, Sooke |
| independence for the first time. With an | | | | benefits from a warm climate, growing |
| abundance of natural resources, the | | | | infrastructure and from the lack of land |
| world's second-largest country has | | | | beyond it. To the west of Sooke is the |
| staved off recession signals so far and | | | | Pacific Ocean and a large swath of |
| Canada's hot housing market continues to | | | | undeveloped territory that includes a |
| hum. | | | | protected national rainforest. Only dirt |
| While growth in the urban regions, such | | | | roads access those areas, meaning Sooke |
| as Vancouver and Calgary, is expected to | | | | is the end of the line as far as GVRE |
| slow to single-digits in 2008, other | | | | real estate is concerned. As Victoria |
| areas are forecasted to see sharp | | | | and its eastern suburbs become |
| increases in property prices as home | | | | congested, demand for properties in |
| buyers and investors seek cheap land | | | | Sooke will increase. |
| while also taking advantage of the boom | | | | 2. Gwillimbury, Ontario - If Toronto was |
| in Canada's oil, gas and agriculture | | | | situated a little farther south it would |
| industries. | | | | be in the United States and it would be |
| Unlike U.S. financial institutions, | | | | the fourth-largest city there. And if |
| Canada's banks never offered subprime | | | | lakefront property an hour's drive from |
| loans and have been able to avoid the | | | | a large metropolis in the U.S. was |
| credit crisis that's staggered the U.S. | | | | available you would think it would be |
| Canada also has lowered its interest | | | | valued in the millions. By comparison, |
| rates because its manufacturers rely on | | | | Gwillimbury and its neighboring towns |
| selling exports to the American market | | | | located on Lake Simcoe are incredibly |
| and those sales shrink as the Canadian | | | | cheap. But as development in Ontario |
| dollar rises against its U.S. | | | | continues to sprawl that's likely to |
| counterpart. | | | | change. |
| "Softer growth means lower interest | | | | 3. Greater Saskatoon, Saskatchewan - |
| rates and lower interest rates are | | | | Bitterly cold and flat, Saskatchewan has |
| positive for the housing market," | | | | been the butt of many Canadian jokes, |
| Gregory Klump, chief economist for the | | | | but that's changed. Agriculture is |
| Canadian Real Estate Association, told | | | | booming and the job market is clicking |
| CTV this month. | | | | along at a torrid pace. House prices |
| So Canadian real estate investors and | | | | have followed, with real estate in |
| home buyers are able to lock in a low | | | | Saskatoon being the most in demand. In |
| interest rate on a mortgage despite the | | | | January, the dollar value of real estate |
| fact the economy is in an extended | | | | transactions in the region jumped 87 |
| period of sustained growth. | | | | percent from January 2007 and |
| Here is a look at three Canadian real | | | | year-over-year sales of residential |
| estate spots that should see significant | | | | units increased 37 percent, according to |
| increase in demand this year: | | | | the province's real estate association. |