The Real Estate Market remains strong and the main factor is the low interest rates that allow buyers to proceed with their biggest purchase item. Moreover, there is still a sense of confidence in the Canadian economy.
As recently mentioned by Gary Morse, CREA President:
“The momentum in sales activity provides clear evidence that low interest rates continue to draw home-buyers to the housing market,” said Gary Morse, CREA President. “While buyers have become increasingly cautious, the hand off for sales activity going into the New Year suggests that Canada’s housing market will continue to benefit from low interest rates in 2012, and continue making a significant contribution to Canadian economic activity. Even so, prospects among housing markets and neighbourhoods differ, so buyers and sellers should talk to a local REALTOR® to understand how trends are shaping up where they live.”
Another positive indicator is the recent report from the Conference board of Canada regarding the consumer confidence:
``National consumer confidence improved in January 2012 after deteriorating in the previous month, according to the Conference Board of Canada’s index of consumer confidence.The upward tick in monthly consumer confidence reflects an improved balance of sentiment regarding the timing of a major purchase, household budgets and employment prospects over the next six months. All regions recorded improvements in consumer confidence compared to the previous month, with the exception of Quebec``
Source : The Canadian Real Estate Association (CREA), national resale housing activity.
Source: Conference Board of Canada