Unreal estate

My hopes of one day actually owning a piece of Canadian land took yet another turn into pipe-dream territory today, with news that the Canadian Real Estate Association is now predicting the real estate party is going to continue for at least another year.

The CREA has originally forecast that the party would slow a little in 2006 as interest rates rising modestly might scare new home buyers away. But their revised 2006 forecast is now calling for a 1% increase in resale homes. The agency suggests activity might ebb a little in 2007, but even then I have my doubts. In addition to the increase in demand, they're predicting an increase in values. The CMHC had similar projections in January, I recall.

Not surprisingly, the West is leading the way again, with Central Canada lagging behind.

Back to the stock market for me, I guess. Gotta build up the nest egg to be able to pounce with a down payment when the market eventually corrects itself. I hate to hope for other people to lose money, but from where I'm sitting, it's about the only way I'm ever going to get myself a stable place to live.