Home sales rise for first time since March, but down 15% year over year

 

Sales of existing homes rebounded in September but even the group representing the country’s almost 100,000 real estate agents is finding it hard to muster much enthusiasm for a market many say is slowing fast.

But the Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country, is not predicting the free fall others have been expecting, though it suggested sales in the fourth quarter of 2012 will be off from a year ago — in part because of new mortgage rules which tightened up lending requirements.

CREA stands by its assertion there will not be much of a correction so consumers sitting on the sidelines waiting for a deal are unlikely to find one this year or next.

“Even in Vancouver, you have had some large declines in sales activity and no large declines in prices. In fact, no decline, prices continued to rise,” said Gregory Klump, the chief economist at CREA. “What you really have to do is look at market balance, what happens to supply and demand and the balance between the two.”

(Financial Post: http://business.financialpost.com/2012/10/15/home-sales-rise-for-first-time-since-march-but-down-15-year-over-year/ )

-Now here in Kelowna we are certainly seeing increased sales there is no doubt of that...might be due to the hockey lock out;-) or buyers trying to get that great interest rate before they start heading up. Prices remain fairly steady and the market is deffinatly in a state of 'recovery.' If you are thinking of buying now is the time to do so.

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