The RE/MAX Housing Market Outlook 2008 examined residential real estate trends in 18 markets across the country.  The report found that while economic prospects will continue to improve next year, few major markets are expected to exceed record sales levels set in 2007. 

After posting extraordinary gains in 2007, housing market performance will moderate in most major Canadian centres in 2008, according to a report released by RE/MAX.

Hamilton-Burlington, Winnipeg, Kitchener-Waterloo, London-St. Thomas, Ottawa, Sudbury, Saint John, Halifax-Dartmouth, and St. John's are all predicted to buck the trend in 2008, with appreciation ranging from one to seven per cent.  Average price is forecast to increase in 78 per cent of markets surveyed next year, with the lowest price increase expected in Edmonton and the highest in St. John's

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If you are looking for the best bang for your renovation dollar, kitchens and bathrooms are still considered to be the projects with the highest potential to add or maintain value in a home.

If you are considering selling your home in the near future, talk to a REALTOR® for tips on how to make your home more appealing and "saleable." You may find that a new kitchen is not in your best interests and a fresh coat of paint and some minor repairs are all that's needed. Because renovating a kitchen can be one of the more expensive projects a homeowner will undertake, you'll want to consider the length of time you expect to stay in your house. 

According to the Appraisal Institute of Canada, if you are remodelling your kitchen as a face-lift prior to selling it, it's recommended that you spend no more than 10-15% of the cost of your house. If you are going to remain in your house for more than five years, you can spend 25% or more - and in most cases you will recoup the cost of the renovation when you sell.

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