Downtown Toronto

Scotiabank's experts see Canadian housing starts to continue to slow below long-term replacement values.

The general weakness in the global economy will see residential activity slowing even more in 2009 to an estimated 155,000 housing starts this year.

First-time home buyers will play a significant role in a recovery of the Canadian real estate market if they can be coaxed from the sidelines.

It is estimated that first-time home buyers accounted for seven out of ten buyers during the recent boom and currently it is only four out of ten buyers.

The lower cost of ownership with low mortgages and a buyers market should bring the first-time buyers back and get the overall Real Estate markets moving again.

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