According to the most recent statistics from the Canadian Real Estate Association, or CREA, home sales across Canada increased by 3.3 per cent from May to June, while the number of newly listed homes decreased by 0.5 per cent.
“For the second month in a row, sales improved in the majority of local markets,” said the president of the Canadian Real Estate Association, Laura Leyser. “Whether those gains reflect temporary factors or a fundamental improvement after a slow start to the year really depends on where you are. Your Realtor is your best resource for understanding what’s driving the local housing market where you live or might like to.”
The average home price across Canada increased by 4.8 per cent in June 2013 compared with the same time last year.
According to Gregory Klump, the Chief Economist for the Canadian Real Estate Association, “Increases in mortgage interest rates likely prompted some buyers with pre-approved mortgages to jump off the sidelines and into the market in June, particularly in larger, more expensive urban markets where affordability is strained. We have seen this happen before. If fixed mortgage rates continue holding where they are or edge slightly higher, sales may ebb over the summer and early autumn, with slightly higher borrowing costs picking up where the finance minister left off last year to keep the housing market in check.”
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