Some say the Canadian housing market as a whole is beginning to overshoot its "fair value".

Apprehension of a housing bubble may indeed have merit in some Canadian real estate markets.

But the fact is that real estate markets are local, irrespective of common national influences like mortgage rates and lumber prices.

My analysis of the local Moncton area housing market indicates such bubble fears are unfounded here.

• Some factors at play in other Canadian housing markets are not affecting our local housing market.
• Our housing prices, roughly 50% of the "the Canadian housing market as a whole", did not retreat in this recession.
• And there is no current evidence to indicate they might overshoot "fair value" in the near future.
• The local housing market is on a solid, stable footing.

For 2010, here is a message to housing owners who live in a housing market that may have overshot its fair value. Sell high now and buy at more than fair prices in the Moncton area. And do it before interest rates begin to rise. Consider this: higher interest rates have less of an impact when applied to our local housing prices that are up to 50% lower than the high priced markets.

And my 2010 message to local first time buyers is to purchase before any rush that may result from rising mortgage interest rates.