We are often asked by clients, friends and family “How is the market?” We thought we would take a moment to update all of our readers on how the experts find the Real Estate market throughout Canada is current doing.
Canadian Real Estate Association (CREA) Chief Economist Gregory Klump was quoted in the article saying “Sales activity dropped sharply around this time last year in the wake of tightened mortgage rules and has improved since then…” He continued saying “…the upward trend and levels for activity in recent months has been steeper than expected, but that may not last”. He also stated “Recent increases to fixed mortgage rates caused sales to be pulled forward as buyers with pre-approved financing at lower rates jumped into the market sooner than they might have otherwise”. He concluded saying “The outsized year-over-year gains may persist, however, due to weak sales toward the end of last year”.
As always, if you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don’t hesitate to give us a call, we would love to talk to you!
Until next time,
The Jamie Dann Team