Consumer debt levels too high to maintain the current rate of real estate consumption, according to Centract Property Summit Survey

Senior Canadian real estate and finance industry executives gathered in Toronto on June 27 to share their views on the Canadian residential real estate market at the Centract Property Summit

TORONTO, June 28, 2012 /CNW/ - Centract Settlement Services, Canada's largest appraisal management company, held the Centract Property Summit 2012 in Toronto where leaders of the Canadian residential real estate community discussed current industry trends and issues.

According to an audience participation survey distributed at the event, 65 per cent of those who attended believe that debt levels in Canada are too high to maintain the current rates of real estate consumption. Moreover, 70 per cent of the audience consider Canadian house prices are currently overvalued by up to 15 per cent. The audience was also asked their thoughts on recent mortgage legislation in which an overwhelming majority, 98 per cent, believe that the new rules will have a dampening effect on residential real estate markets.

The one-day summit featuring panel presentations focused on residential real estate issues across Canada, with a particular focus on near or future price-corrections. Insights were also provided on Canadian consumer's home buying and selling habits. The Centract Property Summit drew a crowd of over 120 senior executives from Canada's financial institutions, mortgage insurers, government, academia and other real estate focused businesses and consultants.

"We were obviously pleased with the great response to our summit and to attract a long list of top-notch speakers, thought leaders and such a high-calibre audience was beyond our greatest expectations" said Phil West, President of Centract Settlement Services.

About Centract Settlement Services

Centract Settlement Services, a Brookfield Residential Property Services company, is the largest provider of residential real estate valuation and residential real estate business intelligence to the major banks, financial institutions, mortgage brokers and real estate businesses in Canada. The company's valuation expertise crosses and facilitates all facets of the real estate and mortgage transactions - from policy development to lead generation, transaction management, portfolio optimization through to collection and asset recovery. Given its breadth and experience, Centract Settlement Services' insight into property valuation and home value trends are unmatched.

SOURCE CENTRACT Settlement Services

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Sarah Louise Gardiner

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