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Simeon Mitropolitski is a Canadian analyst, of Bulgarian origin, and a former syndicated columnist with the Bulgarian News Agency (BTA). He is the author of several hundred articles dealing with hot political and economic topics, both national and international.
He was part of the first group of Bulgarian intellectuals and students that began the opposition movement that finally put an end to the communist regime in this country in 1989, and in 1996-1997 participated in international observation teams during the elections in several Balkan countries - Romania, Albania and Bulgaria.
In 2002 Simeon and his family moved from Bulgaria to Canada where they live now in Montreal, province of Quebec. Simeon is a Master of Political Science from McGill University and a B.A. of Political Science and History.
Global Real Estate Project
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Canada forecast: A War of WordsWhat to expect on Canada real estate market in 2003? According to some experts, there will be again a boom both in prices and sales, according to some other specialists there will be flat prices and sales decrease. Others point out at Toronto as a possible bubble ready to burst sometime in the future. What are the main scenarios and which one is the trustworthiest?
It won't be better, maybe will get worseCentury 21® Canada has a rather pessimistic outlook for the coming year. According to its experts 2003 will witness a decline in the number of the sales by 15% with no or little price appreciation. The company considers the market to has passed its peaks and expects a slowdown. The proof is that the number of sales that has gone wild in the last 24 months* began to fall in November 2002**. At the same time there should be no real worries for the investors. According to C21 there isn't a market bubble so it shouldn't expect any burst.But things could get worse if the trend keeps going on the Toronto condominium market, say representatives of Clayton Research Associates Ltd., quoted by the National Post daily. This market is overheated and when the wave of newly built condos are delivered by 2003-2004, the people moving in will flood the market with their current homes.
It only can get betterRE/MAX® defends the positive market approach and expects a 10% increase in the prices. The main argument supporting this position is the reported lack of inventory that would maintain the pressure on the sales and prices. However, October figures from CREA (Canadian Real Estate Association) show that the actual trend is in the opposite direction; the inventory is growing, not declining. Despite this fact CREA believes the strong seller's market will dominate at least for the first quarter of the next year and 2003 will be remembered again with some double-digit price increases.There are too many issues that determine the direction the real estate market will take in 2003: the interest rates, the taxes, the unemployment, the economic regulations of any kind, the trade liberalization with the USA etc. These are only some of the economic factors, but there are some political issues too: the political stability in some provinces and in Ottawa, the war or the peace in the Middle East, the terrorism. A major breach in only one of these sectors could cause a real estate market burst. Many things we can't predict but some are predictable. The interest rates will inevitably go up, the consumption will inevitably be put under more pressure. And ultimately the market will begin to calm down. It's always better to calm down the ball earlier than later as witness the stock exchanges around the world.
------ ** - 5% decrease in the number of sales in November 2002 compared to November 2001. Source: Century 21® Canada. --------------------
See also the directory of companies providing real estate services in, and general real estate information of Canada.
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