The Canadian Real Estate market as a whole reached its highest level in a quarter in a year thanks to increased sales in cities like Vancouver and Toronto.
“The majority of local housing markets across Canada are well-balanced, but not all of them are,” said the president of the Canadian Real Estate Association in a release. “Within a province or local market, the balance between resale housing supply and demand can vary widely and evolve quickly, so buyers and sellers should speak with a local realtor to understand housing market trends where they live.”
Canadian sales of resale homes increased 4.5 per cent because of increased demand in Vancouver and Toronto. According to the Canadian Real Estate Association, many homeowners selling higher-priced properties that were planning to upgrade to equally or more expensive real estate listed their homes before the new mortgage rules took effect in March, which led to a jump in resale home listings across Canada.
The chief economist of the Canadian Real Estate Association also had this to say: “Looking ahead, evidence suggests that the potential rush of sales activity in March before recent changes to mortgage regulations took effect was a story that was largely focused in condo sales activity in Greater Vancouver. This confirms that the expected impact on sales activity of recent mortgage regulations will be likely minor over the near term. Interest rates are now widely expected to remain on hold until at least mid-July, which is supportive for resale housing demand, market balance and prices.”
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